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Ibrahim Ahmed Head – Prepaid Cards & Electronic Payments
� Introduction on prepaid card
� Closed loop : Payroll (WPS) prepaid cards
� Open loop : Travelez
� Target market: Travel segment – usage and benefits
� The importance of partnership in the prepaid business
� Key areas to focus for launching a successful program
� Challenges
� Opportunities and Future Trend
Introduction
Prepaid cards:
“A card that you load with money in order to purchase goods or services
wherever the card is accepted.”
• Open or close loop
• Reloadable or non-reloadable
• Channels of use could vary based on the program type : POS, ATM, Online
• Examples of prepaid cards : Gift, Travel, Teen, Healthcare, Payroll
Payroll
• Launched in October 2009
• A fully compliant WPS solution
• A closed loop payroll card.
• Over 100,000 registered cards
• Disbursement channels : branches, camps, designated ATMs*
Travelez Cards
• Launched in June 2012
• Target market : Travellers – inbound and outbound
• Standard and Premium Reloadable Cards available in 2 currencies : AED & USD
• Can be used globally on VISA network – POS, ATM, Online
RELOADABLE
Travelez Cards
• Launched in June 2013
• First Travelmoney USD VISA card in the region
• Ideal for gifting
• Use for POS & Online
NON-RELOADABLE
Travel segment : Usage & Benefits
• A secure alternative to cash
• An ideal replacement to Travelers Checks
• Better control over spending
• Convenience and ease of use
Partnership
Partnership between Al Fardan Exchange & MAF Finance
MAF Finance :
• Associate member of VISA – connected with M2 as the processor
• Management of funds
• Provide services related to prepaid program setup and operations
Al Fardan Exchange :
• Establish distribution network for sales and reloads
• Promote the program among the corporates and individuals
• Provide system and operational support to sub agents
Partnership : Importance
• Rely on a partner that is an expert in the field of prepaid solutions rather than do-it-yourself
• Focus on sales and marketing
• Setup distribution network
• Become early movers and thereby penetrate in the market by outsourcing the services
• Leverage on the skills and knowledge earned by the partner
• Market research
• Define your target customers
• Choosing the right vendor/partner
• Co-branding/co-affinity/do it own approach
• Card design and packaging
• Define pricing : card issuance, card activation, card load/reload
• What are the value add / differentiating factors of the product
• The system and operational training : card registration and issuance, card inventory
• Marketing plan for the product
• Customer support
• KYC & Compliance checks
• Reload channels
Launching a prepaid program : Key areas to focus
• Understand changing customer needs
• Regulatory requirements
• Competition
• Commercial terms with all participating stakeholders
Challenges
• Huge opportunity for prepaid cards based on target market needs
• Over 50% of the world population are unbanked
• Prepaid “plastic” cards would become virtual (mobile)
• Over 4.2 billion people use atleast one cellphone (out of 7 billion)
• Travel and Payroll : the 2 key growing segments for prepaid cards in UAE
• A secure, instant and simple alternative for traditional P2P money transfers*
Opportunities
www.alfardanexchange.com
www.travelezcard.com