TSYS, a leading payments solutions provider in India, has completed a white paper titled, “M-Payments and Prepaid Poised to Define Financial Institutions’ Delivery of Banking & Payment Services to Rural India.” The paper is available on the TSYS website and outlines the significant potential for m-payments and mobile banking in rural India. The paper considers what is needed to adopt m-payment systems, such as partnerships between financial and institutions and mobile providers.
COLUMBUS, Ga. & MUMBAI, India, Dec 14, 2011 (BUSINESS WIRE) — TSYS today 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 tele-density. The white paper also explores elements which 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.’ That paper is available online at: www.tsys.com/indiaelectronicpaymentsmarketwhitepaper .
“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 realised.”
TSYS is a leading payments 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.
The white paper ‘M-Payments and Prepaid Poised to Define Financial Institutions’ Delivery of Banking & Payment Services to Rural India’ was authored by Amit Sethi, Managing Director of India and Southeast Asia at TSYS, and is available online at www.tsys.com/indiampaymentsandprepaidwhitepaper .
TSYS TSS +2.67% is reshaping a new era in digital commerce, connecting consumers, merchants, financial institutions, businesses and governments. Through unmatched customer service and industry insight, TSYS creates a better experience for buyers and sellers, supporting cross-border payments in more than 85 countries. Offering merchant payment-acceptance solutions as well as services in credit, debit, prepaid, mobile, chip, healthcare, installments, money transfer and more, TSYS makes 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. For more information, please visit us at www.tsys.com .