Indians prefer using prepaid cards: Visa

Indian consumers are very much interested in owning and using pre-paid payment cards which affords a great opportunity for Indian banks and other financial institutions in this segment, a survey said here.

According to the survey conducted by global payment technology company Visa, which had respondents in six major cities in India, the current penetration of pre-paid cards at two per cent gives a huge opportunity for Indian banks in this field.

More than eighty per cent of the respondents like to own pre-paid cards as they enjoy the benefits of cash-less transactions and convenience of carrying such cards instead of money.

Easy availability and convenience in reducing ATM visits are two other major factors that attract consumers to pre-paid cards, the survey said.

According to Visa's international pre-paid products' Regional Director, Neel Nilakantan, the potential of India in the pre-paid payment card segment is as huge as $93-billion per annum.

Visa's pre-paid card segment including travel cards, pay-roll cards and gift cards are a huge success globally and the company is hoping to replicate the same in India though this sector is at a nascent stage here, he said.