Prepaid leads payment products
Dubai, February 8, 2011
Prepaid comprises up to 40 per cent of the new payment products developed by leading payment solutions provider Network International over the last three years, said a senior official.
“Demand for prepaid channels will continue to surge and product development will be driven by innovation and creativity,” said Samer Soliman, vice president and head of processing at Network International.
“Banks and institutions are already realising this and are fast opening dialogue looking to us to help create products and solutions that compliment their current business, as well as a new audience,” he added.
Soliman was speaking ahead of the second regional Prepaid Summit: Middle East 2011 in Dubai organised by VRL Financial News. Network International is a Silver Sponsor at the event.
The summit is scheduled to be held on March 22 and 23 at Westin Hotel.
Gups Jutla, eCommerce and prepaid manager for Visa: “Prepaid is an emerging and innovative payment growth opportunity that can generate significant incremental economic and strategic benefit for customers.”
“Over the past six years, Visa has witnessed exceptional growth in the prepaid segment, and is Visa’s fastest growing product. As of 2009, the total prepaid segment in the GCC looks ready to be valued at $188 billion by 2012.”
“While prepaid cards offer many of the same benefits as debit cards, they are also an empowering tool to allow consumers without a traditional banking relationship to benefit from the advantages of electronic payments. In addition, due to the fact that prepaid products draw funds from a pre-funded account, which means customers essentially, ‘pay before’, prepaid is an effective financial literacy tool as you only spend what you have”, he added.
James Ratcliff, spokesperson for VRL Financial News, said: “The Prepaid Summit Middle East 2011 will bring focus on the players who value innovation as they will create the winning products in an increasingly competitive market,” he said.
The 2011 summit will focus on emerging opportunities in the region such as prepaid cards issued by Islamic banks and the perspective of the broader Asia Pacific, including the Indian subcontinent.
The Middle East Summit 2011 will be a networking platform for more than 150 experts. The summit highlights will include exclusive research on the markets and the views of more than 35 speakers. – TradeArabia News Service