Prepaid International Forum's India Chapter Extends Membership to Mobile Operators as India Prepaid Market Evolves
London - Prepaid International Forum (PIF) India today announced that it has extended its membership admission policy to include mobile operators. The decision reflects the increasingly important role mobile operators play in the prepaid market in India.
A number of analysts have stated that prepaid mobile payments have the potential to unlock the buying power of large numbers of unbanked individuals in India who have access to a mobile phone. In addition to the potential impact on e-commerce, increased mobile penetration in India opens up new possibilities for mobile payments at POS and services such as remittances, where workers in the city may transfer funds to family members in their home village.
According to Jupiter research the global mobile payments market could reach $670 billion by 2015. Though mobile payments are a global phenomenon, they have particular relevance in a market like India. A recent TSYS report authored by Amit Sethi, Managing Director of India and Southeast Asia, TSYS, and Co-Chairman of PIF India, revealed that more than 70 per cent of the population live in rural areas with limited or no access to basic banking services. At the same time, in 2011 there were more than 800 million mobile phone subscribers and a third of these were in rural areas. The report concluded that “the ubiquity of mobile phones in rural India provides financial institutions with an attractive alternative to expensive infrastructure improvements”. What’s more, consumers in India are already familiar with the prepaid model.
A number of partnerships have already been formed between financial institutions and mobile phone operators. For the banks, such initiatives provide an effective way of reaching the unbanked market, while for mobile operators they deliver a new revenue stream.
Since its establishment in 2009, in addition to banks, PIF India’s membership has been extended to include non-bank players, card schemes and more recently technology solution providers.
Commenting on today’s announcement, PIF Chairman Robert Courtneidge said “We feel sure that the extension of the forum’s admission policy will bring an important new perspective to PIF India through an increased focus on the integration of prepaid and mobile solutions and attention to the role of mobile operators in the prepaid value chain. It will also allow the forum to further promote the role of emerging payment solutions.”
Notes to Editors:
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 of cross-industry guidelines and codes of practice.
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, HDFC Bank, TSYS, Citibank, Yes Bank, Union Bank of India, State Bank of India, Euronet Worldwide, ItzCash, TimesofMoney, Standard Chartered Bank and Visa. The National Payments Corporation of India (NPCI) and law firm Hariani & Co are also engaged with PIF India as industry observers
PIF India Patron: TSYS
At TSYS, (NYSE: TSS), we believe payments should revolve around people — not the other way around. We call this belief "People-Centered PaymentsSM." By putting people at the center of every decision we make, with unmatched customer service and industry insight, TSYS is able to support financial institutions, businesses and governments in more than 80 countries. Offering merchant payment-acceptance solutions as well as services in credit, debit, prepaid, mobile, chip, healthcare and more, we make it possible for those in the global marketplace to conduct safe and secure electronic transactions with trust and convenience.
TSYS’ headquarters are located in Columbus, Georgia, with local offices spread across the Americas, EMEA and Asia-Pacific. TSYS provides services to more than half of the top 20 international banks, is a Fortune 1000 company and was named one of the 2012 World's Most Ethical Companies by Ethisphere magazine. For more information, please visit us at www.tsys.com.
TSYS white paper titled: ‘Incredible India: Four Imperatives to Accelerate Electronic Payment Adoption in India.’ is available online at:
TSYS white paper titled: ‘M-Payments and Prepaid Poised to Define Financial Institutions’ Delivery of Banking & Payment Services to Rural India’ is available online at: www.tsys.com/indiampaymentsandprepaidwhitepaper
For further information contact:
Prepaid International Forum (PIF)
T: +44 (0) 7736 971986
More information about PIF is available at www.prepaidforum.org