The Securities and Exchange Board of India (SEBI) has proposed a framework that would allow balances on gift cards and other prepaid instruments to be converted into mutual fund shares, positioning prepaid products as a gateway to long-term investment. The initiative targets new investor acquisition and financial inclusion, particularly among unbanked and underbanked populations. Under the plan, prepaid accounts must be funded exclusively through electronic fund transfers or India’s UPI real-time payments system, with a transaction cap of 50,000 rupees (approximately $537) per transaction.

Proposed Framework and Expert Endorsement

The convertibility feature—turning gift card value into mutual fund shares—is the innovation at the heart of SEBI’s proposal. Jordan Hirschfield, Director of Prepaid at Javelin Strategy & Research, endorsed the approach, noting that “by allowing prepaid to be used as a gifting vehicle for investments, India will enable opportunity for underrepresented communities to begin their investment journeys.” He emphasized that the move leverages the security and simplicity of prepaid cards to open investment pathways.

Financial Inclusion and Broader Context

Digital gift cards offer immediacy, trackability, and the ability to restrict spending to specific brands or categories—features that make them attractive for aid distribution and program delivery. SEBI’s proposal extends these benefits by enabling prepaid balances to fuel investment rather than consumption. India’s move is noteworthy but not unprecedented. Hirschfield cited the U.S. example of funding 529 tax-advantaged education savings plans through organizations like Gift of College, where small gifts grow into meaningful long-term investments. The Indian framework thus aligns with global trends of using prepaid vehicles to promote savings and investment, while specifically targeting financial inclusion through a regulated, digital-first channel.

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