Prepaid cards as a method of payment in India is rapidly gaining popularity as there is a rise in the disposable income of the consumers, digital shifts and demonetization and other government policies encouraging a cashless economy. The tremendous growth in the e-commerce industry in the country has also facilitated the growth of prepaid cards. Prepaid cards are not only a convenient payment alternative but also safe and provide protection against carrying large sums of money. The prepaid card industry in India is not new; players have leveraged these cards to provide solutions like gift cards, meal cards and other prepaid cards for employees for a long time now. These prepaid cards can be of two kinds: reloadable and non-reloadable. The non-reloadable cards are often termed gift cards and has been a popular option for organizations to incentivize employees or retailers who provide a gifting option which is not products but card that can be used by the receiver to buy products of
The money transfer business domestically has seen a spike since the month of March, post the lockdown was imposed nationwide. According to an RBI report the Real Time Gross Settlement transactions witnessed a rise of 34% during the COVID-19 situation. The situation enabled the nation to be more aware of the digital and the internet. During these times, Domestic Money Transfers and withdrawal also gained popularity as banks in most parts of the country were shut, and Kirana stores, retailers and small local shops were the only medium for people to transact their money to their family and friends. The domestic remittance levels over the past few months have steadily gained momentum and looks as the most promising aspects for the money transfer businesses. Enabling immigrants to send and receive money, the money transfer business , centers and cash transfer shops help empower the unbanked and underbanked population of the country. As one of the major advantages of the DMT service is