17 March, 2014 – International not-for-profit trade association, Prepaid International Forum (PIF) today announced highlights from the second in a series of two incisive webinars on prepaid market trends around the world.
The series has provided PIF members in India and the Middle East with insights on emerging trends and opportunities for prepaid.
Presented by Peter Sidenius, a Director with global financial services and payments consulting firm, Edgar, Dunn & Company, the webinars have revealed that the projected opportunity for global prepaid will be $822 billion by 20171largely driven by the ability of prepaid solutions to support the unbanked and underbanked segments and the distribution of value by governments for benefits disbursements and businesses for corporate and payroll solutions.
The second live broadcast compared factors affecting the adoption and growth of prepaid payment solutions in North America, Asia-Pacific and Africa with references to dominant programmes and prepaid market opportunity estimates.
As well as highlighting market similarities the webinar revealed that for some markets the prepaid space is very unique. In North America governments are expanding their involvement in prepaid. In 2012 94 government offices and 186 programmes issued US$136 billion through prepaid cards. In developing countries such as India, prepaid as a simple form of bank account, is increasingly seen as a means of improving levels of financial inclusion. This was compared to Africa where government support for prepaid initiatives is limited. Despite large unbanked populations and high unemployment in a number of African markets there are very few prepaid programmes, whereas in more developed markets such as South Africa there are enough social benefits to support government-funded programmes.
The webinar also highlighted corporate programmes as strong drivers of prepaid growth across all markets. Corporate benefits cards are the most common prepaid card in North America with an estimated 4.6 million payroll cards active in 20122. Payroll cards are also gaining ground in South Africa and represent one the biggest opportunities for prepaid in Asia-Pacific.
Commenting on the webinar series, Amit Sethi, Co-Chairman of PIF India and Managing Director for Asia, Middle East and Africa at TSYS, said “PIF webinars form an integral part of PIF’s mandate to create an environment where prepaid products and related market developments are well understood and can enable the prepaid economy to thrive. By monitoring and sharing global trends PIF aims to help its members and the industry create compelling market propositions.”
PIF has established operations in Europe and India and further international expansion is planned in the Middle East.
1 BCG 2 Aite Group
Prepaid International Forum (PIF) is a global not-for-profit trade association established to represent the interests of all parties involved in the issuance of prepaid products and services. It acts as principal point of liaison between the industry and regulators, government agencies, consumer bodies and the media. PIF is dedicated to the progression of the industry and acts as a catalyst for the development of sensible industry guidelines and codes of best practice. To learn more visit www.paymentsinnovationforum.org
About TSYS (Regional Patron)
At TSYS® (NYSE: TSS), we believe payments should revolve around people, not the other way around. We call this belief “People-Centered Payments®.” By putting people at the center of every decision we make, TSYS supports financial institutions, businesses and governments in more than 80 countries. Through NetSpend®, A TSYS Company, we empower consumers with the convenience, security, and freedom to be self-banked. TSYS offers issuer services and merchant payment acceptance for credit, debit, prepaid, healthcare and business solutions.
TSYS’ headquarters are located in Columbus, Ga., U.S.A., with local offices spread across the Americas, EMEA and Asia-Pacific. TSYS is a member of The Civic 50 and has been named one of the 2013 World’s Most Ethical Companies by Ethisphere magazine. TSYS routinely posts all important information on its website. For more, please visit us at www.tsys.com.
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If you would like more information about PIF, please contact Diane Brocklebank at +44 (0) 7736 971986 or email at firstname.lastname@example.org.