TSYS last week announced the completion of a white paper titled ‘M-Payments and Prepaid Poised to Define Financial Institutions’: Delivery of Banking & Payment Services to Rural India, which considers the key imperatives that will enable m-payments to fulfill their promise in India.
The paper offers insights from TSYS-sponsored market research with Evalueserve and explores how the untapped market opportunity of m-payments can act as both a significant market opportunity for financial institutions (FIs) and a great equalizer for consumers in rural India.
It discusses the key market indicators highlighting the sea change underway in electronic payment transactions, specifically m-payments, such as the promise of frugal innovation as an alternative to expensive infrastructure investments and the high and rapidly rising mobile teledensity.
The white paper also explores elements that are fundamental to m-payment adoption, including partnerships between FIs and mobile providers, the proactive and supportive role of the Indian government, and the potential to leverage prepaid payments.
“The link between a prepaid product and the mobile device is crucial. A prepaid wallet on the mobile helps consumers send money to others, pay for goods and services, and also pay their bills,” said Samee Zafar, director, Edgar, Dunn & Co.
This whitepaper forms the second part of a TSYS report on the Indian market. The first part was a white paper titled: ‘Incredible India: Four Imperatives to Accelerate Electronic Payment Adoption in India.’
“The symbiotic relationship between prepaid and mobile phones is helping to define a natural entry point that could help the country achieve its goals of financial inclusion,” said Amit Sethi, managing director of India and Southeast Asia, TSYS. “India is an incredible market and as a global and local player in the payments market, we are excited by the progress that is being made, the opportunity for development, and the vast potential that can be realized.”
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TSYS is a leading payment solutions provider and supports 400 clients in more than 80 countries. Its market presence extends to 16 offices worldwide, including offices in Mumbai, New Delhi, and Pune, supported by more than 8,000 skilled personnel.
TSYS offers licensing, processing, and hybrid models for card issuing and acquiring and is the patron of the Prepaid Information Forum (PIF) in India, a not-for-profit trade association established to represent all parties participating on a commercial basis in the prepaid economy.