Best Prepaid Cards in India 2025 | Virtual, Forex & Travel

In 2025, digital money is the norm in India, and prepaid cards have surged in popularity for their security and budgeting benefits. From students to globetrotters seeking the best prepaid card in India, these tools offer precise control over spending. With updated RBI guidelines ensuring stricter safety and interoperability, finding the best prepaid bank card or a virtual option is easier than ever. This guide compares the top prepaid cards to help you choose wisely. At My Mudra, we provide a platform to compare these features, helping you find the perfect match for your financial needs.

What Is a Prepaid Card? (Beginner Explanation)

A prepaid card is a simple concept that refers to a card on which money is loaded before using it. It is different from a debit card in that it is not directly connected to your main savings account, and also, it is not like a credit card whereby you use borrowed money. The amount that you can spend is limited to what has been loaded onto the card. 

Imagine it as a digital wallet that can be either plastic or virtual and in a user-friendly form. Most of the time, it is reloadable and operates smoothly for both offline card swipes and online transactions.

Why use it?

• Budgeting: It prevents overspending since you have a fixed limit.
• Security: If the card is compromised, the risk is limited only to the loaded amount, not your entire bank balance.
• Privacy: It is an ideal prepaid card for online payments, where you may not want to reveal your primary banking details.

Types of Prepaid Cards in India (2025 Overview)

In order to discover the best prepaid card for yourself, it's critical to first get acquainted with the various types that can be found on the Indian market: 

1. Open-Loop Cards: These are cards that come along with a bank and a network such as Visa, MasterCard, or RuPay. They are easily accepted at ATMs, POS terminals, and online shopping sites.
2. Closed-Loop Cards: These cards are only skinned (for example, an Amazon Pay balance or a specific store card) and can only be utilised with that certain merchant.
3. Virtual Prepaid Cards: These are digital-only cards generated instantly via mobile apps. A virtual prepaid card is ideal for one-time online purchases.
4. Prepaid Forex Cards: Designed specifically for international travellers, a prepaid forex card allows you to load multiple foreign currencies to avoid currency conversion fees.
5. Travel Prepaid Cards: A broader category including forex cards and multi-currency travel wallets. A travel prepaid card is essential for overseas trips.
6. Gift & Corporate Cards: These are usually non-reloadable cards gifted by employers or relatives, valid for a specific duration.

RBI Norms for Prepaid Cards (2025 Updated)

The Reserve Bank of India (RBI) keeps a close watch on Prepaid Payment Instruments (PPIs) for the sake of user trust. In 2025, the regulations are mostly in a customer care approach: 

• KYC Mandate: A complete KYC (Know Your Customer) process is necessary for reloadable cards with larger limits. Minimum KYC accounts might get spending limits (probably up to ₹10,000 per month) that are not so strict. Now, the National Common Mobility Card can be issued with a limit of Rs 3,000 without any KYC as the RBI eases rules, 2024)
• Interoperability: RBI is encouraging a move towards more interoperability, which means that full-KYC prepaid cards and wallets can be used at different payment QR codes (UPI) simultaneously.
• Load Limits: With full-KYC PPIs, the maximum allowable outstanding balance is higher (up to ₹2 Lakhs), while for minimum-KYC instruments, the cap is lower. Cooling Period: Fraud will not be a problem with new regulations. 
• Cooling Period: To prevent fraud, new beneficiaries or high-value loads may have a cooling period before the funds can be transferred or withdrawn.
• Zero Liability: Issuers must have a mechanism to handle unauthorised transactions, offering protection similar to credit cards.

Updated List: Top Prepaid Cards in India (2025 Edition)

Here is a curated list of the top prepaid cards currently dominating the market based on features, fees, and user experience.

1. Niyo Global Card (Travel & Student Favourite)

• Best For: International Travel and Students.
• Features: Zero forex markup, works in 150+ countries, integrated app for tracking.
• Why it wins: It is widely considered the best prepaid card in India for travellers due to the 0% forex benefit.

2. HDFC Bank ForexPlus Card

• Best For: Multi-currency management.
• Features: Load up to 23 currencies, protection against exchange rate fluctuation.
• Why it wins: A reliable best prepaid bank card from a trusted banking giant.

3. ICICI Bank Coral Prepaid Card

• Best For: Corporate gifts and expense management.
• Features: Reloadable, widely accepted, secure chip and PIN.
• Why it wins: Great for companies looking to manage employee cash.

4. SBI Foreign Travel Card

• Best For: Budget travellers.
• Features: Competitive exchange rates, available in major currencies like USD, GBP, and EUR.
• Why it wins: Massive network and accessibility make it a contender for the best prepaid card for forex.

5. OmniCard (Youth & Gen Z)

• Best For: Teenagers and young adults.
• Features: Cool keychains/wearables for payment, app-based controls, no bank account needed.
• Why it wins: Innovative form factors and easy parental controls.

6. Axis Bank Multi-Currency Forex Card

• Best For: Frequent flyers.
• Features: Contactless payments, locked-in exchange rates, and emergency assistance.
• Why it wins: One of the top prepaid cards for varied international usage.

7. Slonkit / Wallets (wallet-linked cards)

• Best For: Teaching kids financial discipline.
• Features: Spend analysis, load limits, and instant transfer from parents.
• Why it wins: Excellent educational tool for money management.

Comparison Table: Fees, Forex, Issuance & Reload Charges

Virtual Prepaid Cards (Best for Online Payments)

The rise of e-commerce has birthed the virtual prepaid card. These are non-physical cards that exist only on your phone.

• Instant Issuance: You can generate one in seconds via banking apps or digital wallets.
• Security: Since they are not linked to your main savings account, they are perfect for one-time payments on unfamiliar websites.
• Tokenisation: In 2025, these cards support tokenisation, meaning the merchant never saves your actual card details, ensuring maximum safety.

If you frequently shop online or manage subscriptions like Netflix and Spotify, using a virtual card is a smart way to segregate these expenses from your primary bank account.

Best Prepaid Bank Cards (2025) – Expert Recommendations

Finding the best prepaid bank card depends entirely on your specific needs. Here are our expert picks:

• Best Overall Prepaid Card in India (2025): Niyo Global. Its versatility for both domestic and international use, combined with a great app interface, makes it the best prepaid card in India for general users.

• Best Prepaid Bank Card for Travel: HDFC Multi-Currency ForexPlus. It offers reliability, excellent customer support, and wide acceptance.

• Best Prepaid Card for Online Shopping: SBI Virtual Card. It is safe, easy to generate, and expires after a single transaction or a short period, ensuring total security.

• Best Virtual Prepaid Card: OmniCard. It offers a seamless digital experience with the option to order a physical wearable.

• Best Prepaid Card for Students: Slonkit or Pencilton. These are excellent for teaching budgeting without the risk of a credit card.

• Best Corporate Prepaid Card: ICICI Bank Meal/Expense Card. Widely accepted and easy for HR departments to reload.

Conclusion

The technological advancement in digital payments has turned the once lowly prepaid card into a potent financial tool. There is no longer an occasion too small for the right prepaid card to be an excellent solution, whether sending a child to college, managing corporate, or even traveling across Europe. The best prepaid cards of 2025 would be the ones offering a combination of security, convenience, and savings that cash cannot provide.

But with the availability of so many options from the best prepaid bank cards to specialised forex solutions, it is very important to compare fees and features before applying.

My Mudra makes this journey easy for you. Being a comprehensive financial marketplace, we assist you in comparing the best prepaid cards in India with other financial products, thus ensuring that you make an informed choice. Take a look at our platform today and discover the financial tools that are just right for your life.

Also Read:
- 10 Best Debit Cards in India (2025)
- Best Credit Cards in India 2025