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Prepaid Cards – Empowering Secure Transactions in India’s Digital Payment Landscape - AGS Indian

Prepaid cards empower secure transactions, driving India's digital payment landscape amidst rising fraud, offering convenience and financial security.

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Prepaid Cards – Empowering Secure Transactions in India’s Digital Payment Landscape - AGS Indian

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  1. Prepaid Cards – Empowering Secure TransactionsinIndia’sDigitalPayment Landscape-AGS Indian India’s journey towards becoming a USD 5 trillion economy requires a robustand secure paymentsecosystem. The rise of digital payments has been remarkable, over 100x in the last 9 years from 127 crore in 2013-14 to 12,735 crore in 2022-23. However, digital fraud has also surged, with 6,659 frauds amounting to Rs 276 crorereportedinFY23,necessitatingmore securepaymentsolutions. Prepaid cards offer a promising solution to address these challenges. India saw a surge in the number of open-loop prepaid cards from approximately33.3crore inFY17 toaround 127.69crore inFY22. Furthermore, the prepaid card market in India is projected to witness a CAGR of 31.5% during 2021-2025, reaching USD 89.8 billion by 2025, upfrom USD 30 billion in2020. Prepaidcards’benefitscontributetotheirincreasingpopularity: UbiquityofUsage:Unlikeclosed-loopandtosomeextentsemi open-loop, introduction of Open-loop prepaid cards with use-cases like NCMC have broadened their applications, allowing non-mobility transactionslikeshopping andATMcashwithdrawals.Prepaid transactionsrose from1.96 billionin FY17to 6.58billion in FY22. Ease of Use: Most prepaid cards being issued nowadays are reloadable; can be easily topped up via popular methods like UPI and even cash, providinga convenient andcashless alternative.

  2. Security: Prepaid cards not directly linked to bank accounts, thus protecting users from direct exposure of sensitive information, making themsafer than carrying cash. Budgeting Assistance: Prepaid cards facilitate expense tracking and budgeting,ensuring efficient financial management. Innovative prepaid cards can complement existing payment methods, bolster India’s economic growth, and create a more secure and inclusive paymentecosystem. While AGS Transact Technologies has powered NCMC for Bangalore Metro, issued by RBL Bank, it’s digital payment ecosystem led by Ongo offersissuanceofprepaidcardsincludingco-brandedcardsalongwith itspartners. Adetailedversionof thisarticlefirstappeared onETEdgeInsights.

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