10 best prepaid cards in India in 2023
Prepaid cards have gained significant popularity among individuals and businesses in India, revolutionizing the way people manage their finances. These cards, loaded with a predetermined amount, offer numerous benefits over traditional credit and debit cards.
With their convenience and flexibility, prepaid cards have become a preferred choice for budgeting, expense control, security, and international payments. In 2023, several prepaid card options are available in India, catering to various needs and preferences.
Importance of prepaid cards in modern financial management
1. Budgeting and expense control
Prepaid cards empower individuals to set strict spending limits, enabling better budgeting and expense management.
Due to the card’s prepaid nature, there is no chance of overspending by employees intentionally or unintentionally. This helps finance teams stay worry-free and know that company expenses will not go beyond the limits that have been set by them.
2. Convenience and flexibility
With prepaid cards, users enjoy the convenience of making payments at various establishments and online platforms, while the flexibility to reload the card ensures uninterrupted transactions.
Whether it is physical or virtual prepaid cards, it is also very convenient for a company to issue new prepaid cards with the help of their provider.
3. Security and fraud prevention
Prepaid cards in India reduce the risk of fraud and identity theft, as they are not linked to personal bank accounts. In case of loss or theft, the cardholder's financial exposure is limited to the amount loaded on the card.
If the cardholder finds out soon enough that their card has been stolen or lost, they can also freeze or block the card through the provider's mobile app to ensure the money isn’t misused.
4. Travel and international payment
Prepaid cards eliminate the hassle of carrying large amounts of cash and worrying about currency exchange rates when traveling abroad.
Users can make payments easily and securely, with the card automatically converting the currency. They are also widely accepted at different places depending on the payment network linked to your card.
Is your business struggling to keep travel expenses under check? Explore our in-depth article on travel and expense management to unlock the secrets to streamline your travel and expense management process.
5. Expense tracking
Prepaid cards often come with built-in expense tracking features, providing users with detailed insights into their spending habits and helping them make more informed financial decisions.
Each transaction is tracked and recorded in real-time. This gives the company and the user complete visibility and ensures transparency between them.
6. Subscription services
Many prepaid cards allow users to set up recurring payments for subscription services, ensuring seamless payments without the need for manual intervention.
You can also use virtual prepaid cards for handling specific subscriptions. You can set spending limits of just that one subscription so that there is no chance of accidental double payments in a month.
Revolutionize the way you handle subscription payments. Explore our comprehensive guide on subscription payment management to know how to keep track of your recurring payments and manage multiple subscriptions without having to worry about any payment hassles.
Take control of your expenses
10 Best prepaid cards in India
1. Volopay prepaid cards
Key features
Volopay provides one of the best prepaid cards thanks to the host of features you get with it. You can issue one physical prepaid card for each of your employees and also create unlimited virtual prepaid cards.
Using our web platform or mobile app, you can set up custom spending limits for each card and also keep track of all expenses in real-time. Transactions and your financial data are safe as we ensure the highest standards of security protocols with our platform being ISO certified and PCI DSS compliant.
Usage scenarios
The physical prepaid cards are great to provide employees when they are traveling for business purposes. It will help them pay for commuting, client meeting dinners or lunches, and other entertainment expenses. Virtual prepaid cards are great to manage any kind of online business expense as they are more secure due to their tokenized nature.
Target audience
Volopay offers corporate cards for businesses that want to manage their employee expenses efficiently. They can be used by small, medium, and large businesses as per their requirements.
2. HDFC prepaid cards
Key features
HDFC offers a range of prepaid cards that provide convenience, security, and flexibility. These cards come with customizable spending limits, online account management, and attractive rewards programs. The two prepaid cards that HDFC suggests for corporate payments are the Millennia Prepaid Card and the MoneyPlus Card.
Usage scenarios
HDFC prepaid cards are ideal for individuals and businesses seeking a versatile payment solution for day-to-day expenses, online shopping, travel, and entertainment.
Target audience
HDFC prepaid cards cater to a broad audience, including frequent travelers, online shoppers, and businesses of all sizes looking for efficient expense management tools.
3. SBI business debit cards
Key features
SBI business debit cards offer businesses the convenience of accessing funds from their bank accounts while enjoying the benefits of a prepaid card. They provide expense control, easy tracking, and cashless payment options.
Usage scenarios
SBI business debit cards are beneficial for businesses that require controlled spending for their employees, streamline expense management, and reduce paperwork.
Target audience
Small and large businesses that prefer a seamless integration of banking and expense management find SBI business debit cards valuable.
4. Axis Bank prepaid cards
Key features
Axis Bank offers prepaid cards with features like online shopping, utility bill payments, and global acceptance. These cards provide enhanced security through chip and PIN technology.
Usage scenarios
Axis Bank prepaid cards are suitable for individuals who frequently make online purchases, travel abroad, or want a safe alternative to carrying cash.
Target audience
Axis Bank prepaid cards cater to tech-savvy individuals, frequent travelers, and those seeking a secure payment option.
5. Yes Bank prepaid cards
Key features
Yes Bank prepaid cards offer benefits such as easy loading, online account access, and competitive exchange rates for international transactions. They also provide expense tracking and spend analysis tools.
Usage scenarios
Yes Bank prepaid cards are suitable for individuals traveling abroad, students studying overseas, and businesses managing cross-border payments.
Target audience
Individuals and businesses requiring international payment solutions and efficient expense tracking can benefit from Yes Bank prepaid cards.
6. Bank of Baroda prepaid cards
Key features
Bank of Baroda prepaid cards offer secure and convenient payment options, including contactless payments. These cards come with features like balance inquiry, mini statements, and ATM withdrawals.
Usage scenarios
Bank of Baroda prepaid cards are suitable for individuals who want an easy-to-use payment option for everyday transactions and ATM cash withdrawals.
Target audience
Bank of Baroda prepaid cards cater to individuals seeking a simple and reliable payment method with wide acceptance.
7. Bank of India Cashit prepaid cards
Key features
Bank of India Cashit prepaid cards provide users with the convenience of contactless payments, online shopping, and mobile app access for card management. They also offer features like zero lost card liability and SMS alerts.
Usage scenarios
Bank of India Cashit prepaid cards are ideal for individuals who prefer a secure and accessible payment option for retail purchases, online transactions, and bill payments.
Target audience
Bank of India Cashit prepaid cards cater to individuals looking for a versatile payment solution with enhanced security features.
8. SBM cards
Key features
SBM prepaid cards offer seamless online shopping, global acceptance, and attractive rewards programs. SBM has partnered with different brands such as ‘slice’ and ‘Open’ to provide their prepaid cards in India.
Usage scenarios
SBM prepaid cards are suitable for individuals who frequently shop online, travel, or want a reliable payment method for everyday purchases.
Target audience
Individuals who prioritize convenient and secure payment options with additional benefits find SBM prepaid cards valuable.
9. Happay prepaid cards
Key features
Happay prepaid cards offer businesses expense management features like real-time expense tracking, policy enforcement, automated expense reporting, and integration with accounting systems.
Usage scenarios
Happay prepaid cards are ideal for businesses that require effective control over employee expenses, simplified reimbursement processes, and accurate financial reporting.
Target audience
Enterprises of all sizes looking for comprehensive expense management solutions can leverage the benefits of Happay prepaid cards.
10. EnKash prepaid cards
Key features
Enkash prepaid cards are designed specifically for businesses, offering features like expense management, budget control, real-time transaction tracking, and automated bookkeeping.
Usage scenarios
Enkash prepaid cards benefit businesses looking to streamline their expense management processes, control employee spending, and simplify accounting tasks.
Target audience
Small and medium-sized enterprises (SMEs) seeking efficient expense management solutions and better financial control can benefit from Enkash prepaid cards.
How do Volopay prepaid cards help businesses?
1. Help streamline expense management
Volopay prepaid cards simplify expense management for businesses, allowing employees to make purchases within predefined budgets and categories.
Your employees don’t have to constantly run around for budget approvals anymore and your finance team can stay on top of company spending to ensure that budgets are being utilized efficiently.
2. Ensure fast and secure payments
With Volopay prepaid cards, businesses can make payments instantly, reducing the time-consuming process of reimbursement and improving cash flow.
All payments made through Volopay prepaid cards are extremely secure as we follow the highest standards of security with our platform and payment tools being ISO certified and PCI DSS compliant.
3. Offers enhanced security
Volopay prepaid cards employ robust security measures, including encryption and multi-factor authentication, to protect against fraudulent transactions and unauthorized access.
Volopay cards are one of the best prepaid cards in India thanks to their temporary freezing or permanent blocking feature that allows users to easily freeze or block the card through our mobile app in case the card is lost or stolen. This ensures that the money in your card is safe and can’t be spent by the person who stole the card or found it.
4. Convenience
Volopay prepaid cards can be easily issued to employees, with customizable spending limits and real-time expense tracking, offering businesses a convenient solution for managing expenses.
They are much easier to carry around than cash and definitely better for employees to use instead of having to file reimbursements.
5. Better spending control
Volopay prepaid cards enable businesses to gain better control over their expenses by setting spending limits and tracking transactions in real-time.
Once you set a spending limit on a card, the employee will not be able to spend more than that in a month even if the card has more balance left in it.
If the employee wants to spend above their limit, they will have to contact the finance team or their manager who is responsible for setting the card spending limit.
6. Better bookkeeping
Volopay prepaid cards provide businesses with digital receipts and detailed transaction records, simplifying bookkeeping processes and ensuring accurate financial reporting.
Our platform also has native integrations with some of the best accounting tools in the market such as Netsuite, Xero, Quickbooks, Tally, Deskera, MYOB, and more!
7. Unlimited virtual prepaid cards
Volopay offers the convenience of unlimited virtual prepaid cards, allowing businesses to make online purchases securely and easily manage recurring payments.
You can literally create a virtual prepaid card for each subscription that you have. This way you’ll have a complete dashboard of payments related to each subscription through the virtual card dashboard.
Simplify your business spending
FAQs on prepaid cards in India
A prepaid card is a payment tool in which money has to be loaded in order for a person to use and spend. The loading process works like a bank transfer but slightly differs based on the card provider. These cards are a form of PPI(prepaid payment instrument) such as mobile wallets, smart cards, vouchers, magnetic chips, etc.
A prepaid debit card is essentially a prepaid card that is linked to a bank account. Normal prepaid cards are not linked to a bank account directly. So a normal debit card and a prepaid debit card function in the same way.
A prepaid credit card is a payment tool that is issued by a bank or financial institution and can be used similarly to a normal credit card. The best prepaid credit cards help you manage your expenses just like other prepaid cards.