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Wednesday, September 2, 2009
The Indian psyche is well versed with concepts like smallvalue, pre-loaded and prepaid. Majority of Indian mobiles are on prepaid plans and small packets of Lays or sachets of L'Oreal are a rage in India. Though on a higher value note, the prepaid travel card has caught the Indian consumers' fancy and a growing number of Indians opt for a one-time or reloadable card instead of forex or TCs. Considering the huge increase in outbound travel (business and leisure), this is an area of growth. However, scope still remains for understanding the complete prepaid proposition. Education by technology providers to banks and end-users is the way forward. Technologically, India
is ready to accept many - if not all - of the following: in Consumer - Gift Card, Merchant Gift Card, Teen/Student Card, Personal Reloadable Card, Travel Cards, Money Transfer Cards; in Commercial - Payroll Card, Incentive Card, Corporate Gift Card, Promotion Card, Catastrophe Card, Insurance ClaimCard, Employee Benefits, Employee Reimbursement; and in Government - Court Ordered Payments, Benefit Disbursements, Unemployment Payetc.
As critical as the decision to go prepaid, is the bank's technology partner. An ideal provider should have a CV that reads:
a) Industry expert with a background in banking and financial services
b) Core Competency & depth of experience - a pioneer, present & committed to India; IT is never reinvented!
c) Size-big processor, large R&D spend, world-wide operations for bandwidth, reach and efficiency
d) Customer Support - local, global, telephone and internet
One company that fits the above description is Fidelity National Information Services or FIS. This USD 5.14 billion company invested U5$30 Million in its prepaid technology in 2008. A pioneer and leader, FlS was world's first prepaid-only processor, in business for more than 10 years. As world's largest, PIS is a full service provider with a multitude of offerings. Its total cards on file today are 192 million with a value load of 11 billion USD, equal to 25 percent market share globally. With over 40 years in banking technology, FIS has been global #1 in banking in the FinTech 100 rankings for four consecutive years and 95% of FIS revenues are derived from services to the BFSI segment.
Present since 1998, FIS has 4000+ employees in seven centers in India, serving the banking and financial services industry. Of that, 250+ constitute its Prepaid Team with expertise in implementation, operations, technology and live support to consumers. Shrihari Bhat, Country Manager, FIS India, says, "Prepaid is poised for tremendous growth and acceptance in India and banks and NBFCs must cash in on this opportunity."
Looking back, in recessionary year, a teko launches prepaid cards in the UK; in India, banks brace up for prepaid products; leading technology providers offer their knowhow in the market and the writing on the wall favours prepaid over credit cards. To conclude, if you are a product manager or marketer, you may want to finalize your own prepaid product and launch it soon. Raksha Bandhan has heralded onset of the festival season. Gifts, bonuses, incentive payouts, weddings, holidays etc., are all waiting for you to capitalize on. Prepaid may not just be a trend. It could actually help you max your 2009 performance targets!
is ready to accept many - if not all - of the following: in Consumer - Gift Card, Merchant Gift Card, Teen/Student Card, Personal Reloadable Card, Travel Cards, Money Transfer Cards; in Commercial - Payroll Card, Incentive Card, Corporate Gift Card, Promotion Card, Catastrophe Card, Insurance ClaimCard, Employee Benefits, Employee Reimbursement; and in Government - Court Ordered Payments, Benefit Disbursements, Unemployment Payetc.
As critical as the decision to go prepaid, is the bank's technology partner. An ideal provider should have a CV that reads:
a) Industry expert with a background in banking and financial services
b) Core Competency & depth of experience - a pioneer, present & committed to India; IT is never reinvented!
c) Size-big processor, large R&D spend, world-wide operations for bandwidth, reach and efficiency
d) Customer Support - local, global, telephone and internet
One company that fits the above description is Fidelity National Information Services or FIS. This USD 5.14 billion company invested U5$30 Million in its prepaid technology in 2008. A pioneer and leader, FlS was world's first prepaid-only processor, in business for more than 10 years. As world's largest, PIS is a full service provider with a multitude of offerings. Its total cards on file today are 192 million with a value load of 11 billion USD, equal to 25 percent market share globally. With over 40 years in banking technology, FIS has been global #1 in banking in the FinTech 100 rankings for four consecutive years and 95% of FIS revenues are derived from services to the BFSI segment.
Present since 1998, FIS has 4000+ employees in seven centers in India, serving the banking and financial services industry. Of that, 250+ constitute its Prepaid Team with expertise in implementation, operations, technology and live support to consumers. Shrihari Bhat, Country Manager, FIS India, says, "Prepaid is poised for tremendous growth and acceptance in India and banks and NBFCs must cash in on this opportunity."
Looking back, in recessionary year, a teko launches prepaid cards in the UK; in India, banks brace up for prepaid products; leading technology providers offer their knowhow in the market and the writing on the wall favours prepaid over credit cards. To conclude, if you are a product manager or marketer, you may want to finalize your own prepaid product and launch it soon. Raksha Bandhan has heralded onset of the festival season. Gifts, bonuses, incentive payouts, weddings, holidays etc., are all waiting for you to capitalize on. Prepaid may not just be a trend. It could actually help you max your 2009 performance targets!
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