Prepaid card companies are launching women-centric prepaid cards in the Asian market

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In 2021, the demand for prepaid cards increased significantly in the Asia-Pacific region. Fintech companies in emerging markets attracted significant investments to expand their product portfolios and foray into new markets. The region’s key digital wallets gained substantial market share in the last four to six quarters primarily due to rising adoption and technological advancements. Moreover, with the strong growth of the e-commerce market in this region and the demand for cashless payment methods, PayNXT360 expects the prepaid card segment to benefit significantly.

Moreover, in order to catalyze the financial aspirations of women, simple, effective, and trusted financial products are being launched in the Asian market by fintech firms and traditional banks. For instance, in March 2022, Mahila Money, a full-stack financial products and services platform for women in India, launched Mahila Money Prepaid Card in the country. This prepaid card was brought into the Indian market by the company in partnership with Visa and Transcorp.

India witnessed high adoption of digital financial products and mainstreaming of entrepreneurship over the past two to three years. The Mahila Money prepaid card was launched in the Indian market to support the fast-growing yet underserved segment. The fintech, Mahila Money, launched in 2021, provides easy access to loans, meets working capital needs, and provides productive loans for employment, entrepreneurship, and growth opportunities.  

Through this platform, the company targets women entrepreneurs in India to catalyze financial adoption for this segment of people. For instance, women entrepreneurs will be able to collect payments digitally for their businesses through a prepaid card. Notably, the loans can be transferred to the card. Additionally, incentives, rewards, and cashback can be availed by the women entrepreneurs from partners of the Mahila Money platform.

This card will be particularly beneficial for those women who do not actively use their bank accounts but wants to make online transactions for their businesses. Moreover, a physical card can also be accessed by the user and can easily be set up for online storefronts or collect payments.

Similarly, in March 2022, Eastern Bank Limited, in partnership with Mastercard, launched 'Aqua Women Prepaid Card,' a women-centric prepaid card in Bangladesh. This innovative prepaid card which offers an array of deals for women in shopping, dining, salons, jewelry shops, grocery, and clothing outlets, was launched on the occasion of International Women's Day.

The card provides the user with a dual currency facility, faster access to funds, exclusive BOGO (Buy-One-Get-One) hotel-stay offers, dining and lifestyle offers at partner outlets in Bangladesh, and an online bill payment facility.

To know more and gain a deeper understanding of the Asia Pacific prepaid card market, click here.