Rise in usage to lead to high demand for prepaid cards: Forum

Posted By: Pti
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Mumbai, Feb 17 (PTI) The Prepaid International Forumtoday said prepaid cards will play an important role infinancial inclusion in India and their demand is expected togrow significantly in the coming years on the back of a risein usage.

"Since prepaid card ownership is still at a nascent stagein India, there is a huge opportunity for financialinstitutions to grow their prepaid card business and enablemore people to experience the benefits of a modern paymentsystem," Prepaid International Forum''s Chairman, ChrisReddish, told reporters here.

"With the Government now focusing more on financialinclusion the prepaid card will play a vital role in unbankedareas," he said.

Prepaid International Forum (PIF), which is anot-for-profit trade association established to represent allparties participating on a commercial basis in the prepaidmarket launched its India operation in 2009.

"The prepaid cards market is growing at 6-7 per centannually with salary, travel and gift cards being the mostpopular ones. It will continue to grow in the coming years,"he said, adding that the future of prepaid cards in Indialooks promising. .

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