Prepaid International Forum's India Chapter Enters New Phase to Spearhead Prepaid Growth and Adoption
London, 3 February 2011 – Prepaid International Forum (PIF) today announced that the global trade body’s India Chapter has agreed on a core set of objectives to stimulate the growth of prepaid in India that are closely aligned with government targets around achieving financial inclusion and cost efficiencies in the disbursement of government payments.
Launched in August 2009 under the patronage of one of the world’s largest companies for payment services, TSYS®, the Chapter has a rapidly expanding membership representing the majority of prepaid issuers in India. PIF India actively represents the interests of all members with regulatory bodies and the media and helps to remove the uncertainty of which business models to adopt.
Through a series of practical working groups focused on financial inclusion and mobile payments, distribution and government payments PIF India aims to help shape and where necessary influence the development of prepaid solutions for segments including the financially excluded. Amit Sethi, Managing Director of TSYS® India and South Asia and Co-Chair of PIF India said, “The Chapter has established that there is a need to look at the area of financial inclusion from an overall programme perspective and that prepaid should form an integral part of the country’s financial inclusion objectives.”
The Chapter will also focus on opportunities such as the convergence of prepaid payments and mobile phones. Navtej Singh, Head of Direct Payment Products, HDFC Bank and Chairman of the PIF India Financial Inclusion and Mobile Payments Working Group said, “One of the forum’s primary objectives is to create visibility and awareness of prepaid within government departments that have financial inclusion at the top of their agenda. PIF India will also work to identify target segments. It aims to adopt a phase-led approach with consumer awareness at the core.”
In the coming months, PIF India’s Distribution Working Group will consider the framework for evaluating alternative channels for distribution and seek clarification if any for the sale of prepaid cards through retail and other outlets. The group will also consider risk factors and the economies of distribution. Sameer Nemavarkar, Working Group Chair and SVP - RB, Head Retail Forex and Remittances (RFR), Axis Bank said, “With the emergence of new opportunities for distribution PIF India will work closely with industry stakeholders to establish guidelines and best practice for distribution channels in previously limited markets.”
Under the Chairmanship of State Bank of India the PIF India Government Payments Working Group aims to engage with selected government-funded health and pension schemes to actively develop the opportunity for prepaid in the disbursement of government benefits and payments.
Commenting on the agenda for PIF India in 2011 Sachin Khandelwal, Chairman of PIF India and Senior General Manager, ICICI Bank said, “PIF India is set to build on firm foundations. With the establishment of a clear set of objectives the forum is well positioned to extend its influence and act as a catalyst for the next growth phase of prepaid through the formation of robust business models and close collaboration with government and other industry bodies.”
The next quarterly member meeting of PIF India will take place in Mumbai on 17 February 2011.
About PIF India
Prepaid International Forum (PIF) launched a regional Chapter for India in August 2009 under the patronage of one of the world’s leading companies for payment services, TSYS®. Members represent the majority of prepaid issuers in India and include ICICI Bank, Axis Bank, American Express, Citibank, HDFC Bank, TSYS, Yes Bank, Union Bank of India, State Bank of India, ItzCash, TimesofMoney, Deutsche Bank, Edenred, Standard Chartered Bank, Visa and Oxigen Services.
About PIF
Prepaid International Forum (PIF) is a global not-for-profit trade association established in 2007 to represent all parties participating on a commercial basis in the prepaid economy. It is dedicated to the progression of prepaid commerce around the world and acts as a principal point of liaison between the prepaid economy and government agencies, regulators, consumer bodies and the media. It is focused on the entire prepaid world and facilitates the development cross-industry guidelines and codes of practice. PIF has a global membership with Chapters serving the UK & Europe, Brazil and India.
Contacts:
Diane Brocklebank
Head of Member Relations
Prepaid International Forum (PIF)
+ 44 (0) 7736 971986
diane.brocklebank@prepaidforum.org