Tuesday, August 23, 2011
PIF's India chapter to drive prepaid expansion
The global trade organization Prepaid International Forum reported its India chapter will implement prepaid card programs to speed up expansion of the products across the South Asia country. The first roll outs will be focused on expanding the use of government benefits cards and on promoting prepaid cards as alternative financial tools for India's unbanked, PIF said.
Additional projects will be selected by India chapter's recently formed governing council based on criteria such as high market need and clear objectives. "The launch of individual projects will be determined by a number of factors, such as quantitative benefits and success criteria," said Kusal Roy, PIF India Chairman and Head of ATMs, Cards & Personal Loans at ICICI Bank.
Success of projects will be measured by how much they contribute to "market realization" and create "opportunity for all players," Roy added.
This new direction for the chapter marks a transition in its focus to a project-based model. "The chapter has met its founding objectives to generate awareness of prepaid payment solutions with industry players," said Amit Sethi, Co-Chairman of PIF India. "The move towards an actionable, project-based structure aims to stimulate even greater collaboration between industry players to increase the adoption and acceptance of prepaid."
Sethi is also Managing Director, India and South-East Asia Region at Total Systems Services Inc. (TSYS). PIF India was launched in 2009, with the international payment processor as the chapter's sponsor. Under TSYS' leadership, PIF India has expanded its membership to include the majority of prepaid card issuers in the country.
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