Fintech companies for people in India: Evolution and Service. Companies such as BankIT make life easier by carrying financial services directly to the hands of consumers through various products like physical and virtual cards, applications, and websites.
One card multiple variant. Instantly issue multiple cards for various users through BankIT’s web portal. Customize the benefits and facilities card as per the company’s requirements and policies.
It is easy to track every tokenized card and the merchandise to which the card is linked. With tokenization easily store the virtual version of cards and carry it everywhere with a smartphone.
Future of prepaid cards in digital India. BankIT prepaid cards offer its customers to grow with the growing digital India market through its impeccable services that focus on customers’ interest.
BankIT services allow you to add a bank account based on full KYC norms. Instantly, activate a prepaid plastic card through a fully secure basic KYC process that doesn’t require any bank account with BankIT services.
Among the vast variety of prepaid cards, Gift cards became the best present for loved ones since the pandemic hit, and these cards also helped retailers connect with their customers. Market analysts predict that gift cards will grow at a CAGR of 18% between 2022 and 2027. India’s gift card market is classified by card type and end user and is classified as retail establishments and corporate institutions.
The world has witnessed a drastic change in technological development and acceptance since the pandemic hit the ground. Many people have started new businesses or workspaces for their existing businesses. The changes have worsened the case of unemployment for manual blue-collar laborers simultaneously increasing the opportunity for workers in the e-commerce and IT sectors. There are about 500 million blue-collared workers in India as per the recent estimation that sprang out in Jan 2022, which include 210 million in the agriculture and allied sector, and left 290 million include retail, manufacture, construction, transportation, e-commerce, and logistics.
In the month of August, the finance minister “Nirmala Sitharaman,” tweeted that UPI transactions had risen to 6 billion. The Q1 stats for 2022 manifest the very fact of Indian citizens’ inclination towards the digital transaction method of UPI (Unified Payment Interface).
The first prepaid card in India was introduced in 2001 and since then the market is continuously increasing. An article published in The Times of India on June 19, 2022 reported that contactless payments had increased from 2.5% in December 2018 to 16% in December 2021. According to the report, cards have a 26% impact on digital transactions.
The Times of India, June 19, 2022, reported that the digital card market for groceries, fuel, restaurants, and QSRs accounts for 80% of the volume and 60% of the value of all card transactions in India. Due to the covid-19 pandemic, consumers are more inclined to use contactless payment methods.
This method of payment through a card became a fashion statement and quickly adopted by others. The first year saw over 10,000 people opting for the card, which grew to over 42,000 by the end of 1951.
A prepaid card works wonder for not only startups, but for corporate as well. So, if you are looking to improve your expense management system prepaid cards can be the best alternative for your startup!