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First Data India’s Prepaid Platform Wins Praises from Timetric Cards International

This is the first in a 3-part series about First Data India’s end-to-end prepaid system that not only increased settlement efficiency across FIs, merchants and consumers, but also received a Highly Commended Award for Best Prepaid Product of the Year in APAC

 

Connecting with the Unbanked 
First Data’s Award-Winning Prepaid Platform

Financial institutions around the globe are testing new cashless payment infrastructures to find efficient and reliable ways to provide convenient spending power to the 2.5 billion “unbanked” adults worldwide. One such cashless solution, developed by First Data for the Indian market, was recently recognized with a Highly Commended Award for Best Prepaid Product of the Year APAC at the 2014 Cards & Electronic Payments International Asia Trailblazer Summit & Awards.

The First Data system supports the end-to-end prepaid lifecycle and spans card issuance, construction of acceptance networks, and management of settlement and clearing across all parties. The system’s efficient back-end operations are matched by a front-end web portal, seamlessly integrated to give all stakeholders — banks, merchants and consumers — anytime, anywhere access to critical transaction data.

 

India: A Proving Ground

The unique solution developed by First Data India offers new and valuable insight into the challenges and potential of prepaid platforms in emerging economies. Amid the worldwide shift toward cashless payment infrastructure, India has emerged as a proving ground for new forms of cashless payments. The Indian economy is still largely cash-based (in 2010, 99.7 percent of all transactions in India were cash-based1) and today, more than 40 percent of its 1.2 billion people remain unbanked.2 But driven by consumer demand of a relatively young population (two in five Indians are under age 19), the volume of prepaid card transactions will grow approximately 40 percent through 2016.3 With consumer spending in India expected to double by 20253, there is a significant opportunity to implement an effective cashless payment infrastructure that adapts to the rapidly evolving landscape of mobile technology, consumer demands and international e-commerce.

With this growing demand, other prepaid products have hit the market, but have required stakeholders to take a piecemeal approach — choosing a product for physical card issuance, another for POS terminals, and still another to handle settlement and clearing services. Existing infrastructure poses another challenge, as banks and merchants resist making large investments in new or upgraded infrastructure for fledgling prepaid platforms.

First Data addressed this challenge with the goal of developing an end-to-end prepaid solution that required minimal infrastructure investment or technology upgrades. This approach provides financial institutions and merchants with a cost-effective and profitable platform and empowers consumers with a convenient prepaid product.

Come back next week to learn more about the how this prepaid framework was designed to quickly and affordably scale to meet fluctuating transaction processing volumes. 

Connecting with the Unbanked 
First Data’s Award-Winning Prepaid Platform

Financial institutions around the globe are testing new cashless payment infrastructures to find efficient and reliable ways to provide convenient spending power to the 2.5 billion “unbanked” adults worldwide. One such cashless solution, developed by First Data for the Indian market, was recently recognized with a Highly Commended Award for Best Prepaid Product of the Year APAC at the 2014 Cards & Electronic Payments International Asia Trailblazer Summit & Awards.

The First Data system supports the end-to-end prepaid lifecycle and spans card issuance, construction of acceptance networks, and management of settlement and clearing across all parties. The system’s efficient back-end operations are matched by a front-end web portal, seamlessly integrated to give all stakeholders — banks, merchants and consumers — anytime, anywhere access to critical transaction data.

 

India: A Proving Ground

The unique solution developed by First Data India offers new and valuable insight into the challenges and potential of prepaid platforms in emerging economies. Amid the worldwide shift toward cashless payment infrastructure, India has emerged as a proving ground for new forms of cashless payments. The Indian economy is still largely cash-based (in 2010, 99.7 percent of all transactions in India were cash-based1) and today, more than 40 percent of its 1.2 billion people remain unbanked.2 But driven by consumer demand of a relatively young population (two in five Indians are under age 19), the volume of prepaid card transactions will grow approximately 40 percent through 2016.3 With consumer spending in India expected to double by 20253, there is a significant opportunity to implement an effective cashless payment infrastructure that adapts to the rapidly evolving landscape of mobile technology, consumer demands and international e-commerce.

With this growing demand, other prepaid products have hit the market, but have required stakeholders to take a piecemeal approach — choosing a product for physical card issuance, another for POS terminals, and still another to handle settlement and clearing services. Existing infrastructure poses another challenge, as banks and merchants resist making large investments in new or upgraded infrastructure for fledgling prepaid platforms.

First Data addressed this challenge with the goal of developing an end-to-end prepaid solution that required minimal infrastructure investment or technology upgrades. This approach provides financial institutions and merchants with a cost-effective and profitable platform and empowers consumers with a convenient prepaid product.

Come back next week to learn more about the how this prepaid framework was designed to quickly and affordably scale to meet fluctuating transaction processing volumes. 

Connecting with the Unbanked 
First Data’s Award-Winning Prepaid Platform

Financial institutions around the globe are testing new cashless payment infrastructures to find efficient and reliable ways to provide convenient spending power to the 2.5 billion “unbanked” adults worldwide. One such cashless solution, developed by First Data for the Indian market, was recently recognized with a Highly Commended Award for Best Prepaid Product of the Year APAC at the 2014 Cards & Electronic Payments International Asia Trailblazer Summit & Awards.

The First Data system supports the end-to-end prepaid lifecycle and spans card issuance, construction of acceptance networks, and management of settlement and clearing across all parties. The system’s efficient back-end operations are matched by a front-end web portal, seamlessly integrated to give all stakeholders — banks, merchants and consumers — anytime, anywhere access to critical transaction data.

 

India: A Proving Ground

The unique solution developed by First Data India offers new and valuable insight into the challenges and potential of prepaid platforms in emerging economies. Amid the worldwide shift toward cashless payment infrastructure, India has emerged as a proving ground for new forms of cashless payments. The Indian economy is still largely cash-based (in 2010, 99.7 percent of all transactions in India were cash-based1) and today, more than 40 percent of its 1.2 billion people remain unbanked.2 But driven by consumer demand of a relatively young population (two in five Indians are under age 19), the volume of prepaid card transactions will grow approximately 40 percent through 2016.3 With consumer spending in India expected to double by 20253, there is a significant opportunity to implement an effective cashless payment infrastructure that adapts to the rapidly evolving landscape of mobile technology, consumer demands and international e-commerce.

With this growing demand, other prepaid products have hit the market, but have required stakeholders to take a piecemeal approach — choosing a product for physical card issuance, another for POS terminals, and still another to handle settlement and clearing services. Existing infrastructure poses another challenge, as banks and merchants resist making large investments in new or upgraded infrastructure for fledgling prepaid platforms.

First Data addressed this challenge with the goal of developing an end-to-end prepaid solution that required minimal infrastructure investment or technology upgrades. This approach provides financial institutions and merchants with a cost-effective and profitable platform and empowers consumers with a convenient prepaid product.

Come back next week to learn more about the how this prepaid framework was designed to quickly and affordably scale to meet fluctuating transaction processing volumes. 

Connecting with the Unbanked 
First Data’s Award-Winning Prepaid Platform

Financial institutions around the globe are testing new cashless payment infrastructures to find efficient and reliable ways to provide convenient spending power to the 2.5 billion “unbanked” adults worldwide. One such cashless solution, developed by First Data for the Indian market, was recently recognized with a Highly Commended Award for Best Prepaid Product of the Year APAC at the 2014 Cards & Electronic Payments International Asia Trailblazer Summit & Awards.

The First Data system supports the end-to-end prepaid lifecycle and spans card issuance, construction of acceptance networks, and management of settlement and clearing across all parties. The system’s efficient back-end operations are matched by a front-end web portal, seamlessly integrated to give all stakeholders — banks, merchants and consumers — anytime, anywhere access to critical transaction data.

 

India: A Proving Ground

The unique solution developed by First Data India offers new and valuable insight into the challenges and potential of prepaid platforms in emerging economies. Amid the worldwide shift toward cashless payment infrastructure, India has emerged as a proving ground for new forms of cashless payments. The Indian economy is still largely cash-based (in 2010, 99.7 percent of all transactions in India were cash-based1) and today, more than 40 percent of its 1.2 billion people remain unbanked.2 But driven by consumer demand of a relatively young population (two in five Indians are under age 19), the volume of prepaid card transactions will grow approximately 40 percent through 2016.3 With consumer spending in India expected to double by 20253, there is a significant opportunity to implement an effective cashless payment infrastructure that adapts to the rapidly evolving landscape of mobile technology, consumer demands and international e-commerce.

With this growing demand, other prepaid products have hit the market, but have required stakeholders to take a piecemeal approach — choosing a product for physical card issuance, another for POS terminals, and still another to handle settlement and clearing services. Existing infrastructure poses another challenge, as banks and merchants resist making large investments in new or upgraded infrastructure for fledgling prepaid platforms.

First Data addressed this challenge with the goal of developing an end-to-end prepaid solution that required minimal infrastructure investment or technology upgrades. This approach provides financial institutions and merchants with a cost-effective and profitable platform and empowers consumers with a convenient prepaid product.

Come back next week to learn more about the how this prepaid framework was designed to quickly and affordably scale to meet fluctuating transaction processing volumes. 

Connecting with the Unbanked 
First Data’s Award-Winning Prepaid Platform

Financial institutions around the globe are testing new cashless payment infrastructures to find efficient and reliable ways to provide convenient spending power to the 2.5 billion “unbanked” adults worldwide. One such cashless solution, developed by First Data for the Indian market, was recently recognized with a Highly Commended Award for Best Prepaid Product of the Year APAC at the 2014 Cards & Electronic Payments International Asia Trailblazer Summit & Awards.

The First Data system supports the end-to-end prepaid lifecycle and spans card issuance, construction of acceptance networks, and management of settlement and clearing across all parties. The system’s efficient back-end operations are matched by a front-end web portal, seamlessly integrated to give all stakeholders — banks, merchants and consumers — anytime, anywhere access to critical transaction data.

 

India: A Proving Ground

The unique solution developed by First Data India offers new and valuable insight into the challenges and potential of prepaid platforms in emerging economies. Amid the worldwide shift toward cashless payment infrastructure, India has emerged as a proving ground for new forms of cashless payments. The Indian economy is still largely cash-based (in 2010, 99.7 percent of all transactions in India were cash-based1) and today, more than 40 percent of its 1.2 billion people remain unbanked.2 But driven by consumer demand of a relatively young population (two in five Indians are under age 19), the volume of prepaid card transactions will grow approximately 40 percent through 2016.3 With consumer spending in India expected to double by 20253, there is a significant opportunity to implement an effective cashless payment infrastructure that adapts to the rapidly evolving landscape of mobile technology, consumer demands and international e-commerce.

With this growing demand, other prepaid products have hit the market, but have required stakeholders to take a piecemeal approach — choosing a product for physical card issuance, another for POS terminals, and still another to handle settlement and clearing services. Existing infrastructure poses another challenge, as banks and merchants resist making large investments in new or upgraded infrastructure for fledgling prepaid platforms.

First Data addressed this challenge with the goal of developing an end-to-end prepaid solution that required minimal infrastructure investment or technology upgrades. This approach provides financial institutions and merchants with a cost-effective and profitable platform and empowers consumers with a convenient prepaid product.

Come back next week to learn more about the how this prepaid framework was designed to quickly and affordably scale to meet fluctuating transaction processing volumes. 

Connecting with the Unbanked 
First Data’s Award-Winning Prepaid Platform

Financial institutions around the globe are testing new cashless payment infrastructures to find efficient and reliable ways to provide convenient spending power to the 2.5 billion “unbanked” adults worldwide. One such cashless solution, developed by First Data for the Indian market, was recently recognized with a Highly Commended Award for Best Prepaid Product of the Year APAC at the 2014 Cards & Electronic Payments International Asia Trailblazer Summit & Awards.

The First Data system supports the end-to-end prepaid lifecycle and spans card issuance, construction of acceptance networks, and management of settlement and clearing across all parties. The system’s efficient back-end operations are matched by a front-end web portal, seamlessly integrated to give all stakeholders — banks, merchants and consumers — anytime, anywhere access to critical transaction data.

 

India: A Proving Ground

The unique solution developed by First Data India offers new and valuable insight into the challenges and potential of prepaid platforms in emerging economies. Amid the worldwide shift toward cashless payment infrastructure, India has emerged as a proving ground for new forms of cashless payments. The Indian economy is still largely cash-based (in 2010, 99.7 percent of all transactions in India were cash-based1) and today, more than 40 percent of its 1.2 billion people remain unbanked.2 But driven by consumer demand of a relatively young population (two in five Indians are under age 19), the volume of prepaid card transactions will grow approximately 40 percent through 2016.3 With consumer spending in India expected to double by 20253, there is a significant opportunity to implement an effective cashless payment infrastructure that adapts to the rapidly evolving landscape of mobile technology, consumer demands and international e-commerce.

With this growing demand, other prepaid products have hit the market, but have required stakeholders to take a piecemeal approach — choosing a product for physical card issuance, another for POS terminals, and still another to handle settlement and clearing services. Existing infrastructure poses another challenge, as banks and merchants resist making large investments in new or upgraded infrastructure for fledgling prepaid platforms.

First Data addressed this challenge with the goal of developing an end-to-end prepaid solution that required minimal infrastructure investment or technology upgrades. This approach provides financial institutions and merchants with a cost-effective and profitable platform and empowers consumers with a convenient prepaid product.

Come back next week to learn more about the how this prepaid framework was designed to quickly and affordably scale to meet fluctuating transaction processing volumes. 

Connecting with the Unbanked 
First Data’s Award-Winning Prepaid Platform

Financial institutions around the globe are testing new cashless payment infrastructures to find efficient and reliable ways to provide convenient spending power to the 2.5 billion “unbanked” adults worldwide. One such cashless solution, developed by First Data for the Indian market, was recently recognized with a Highly Commended Award for Best Prepaid Product of the Year APAC at the 2014 Cards & Electronic Payments International Asia Trailblazer Summit & Awards.

The First Data system supports the end-to-end prepaid lifecycle and spans card issuance, construction of acceptance networks, and management of settlement and clearing across all parties. The system’s efficient back-end operations are matched by a front-end web portal, seamlessly integrated to give all stakeholders — banks, merchants and consumers — anytime, anywhere access to critical transaction data.

 

India: A Proving Ground

The unique solution developed by First Data India offers new and valuable insight into the challenges and potential of prepaid platforms in emerging economies. Amid the worldwide shift toward cashless payment infrastructure, India has emerged as a proving ground for new forms of cashless payments. The Indian economy is still largely cash-based (in 2010, 99.7 percent of all transactions in India were cash-based1) and today, more than 40 percent of its 1.2 billion people remain unbanked.2 But driven by consumer demand of a relatively young population (two in five Indians are under age 19), the volume of prepaid card transactions will grow approximately 40 percent through 2016.3 With consumer spending in India expected to double by 20253, there is a significant opportunity to implement an effective cashless payment infrastructure that adapts to the rapidly evolving landscape of mobile technology, consumer demands and international e-commerce.

With this growing demand, other prepaid products have hit the market, but have required stakeholders to take a piecemeal approach — choosing a product for physical card issuance, another for POS terminals, and still another to handle settlement and clearing services. Existing infrastructure poses another challenge, as banks and merchants resist making large investments in new or upgraded infrastructure for fledgling prepaid platforms.

First Data addressed this challenge with the goal of developing an end-to-end prepaid solution that required minimal infrastructure investment or technology upgrades. This approach provides financial institutions and merchants with a cost-effective and profitable platform and empowers consumers with a convenient prepaid product.

Come back next week to learn more about the how this prepaid framework was designed to quickly and affordably scale to meet fluctuating transaction processing volumes. 

Connecting with the Unbanked 
First Data’s Award-Winning Prepaid Platform

Financial institutions around the globe are testing new cashless payment infrastructures to find efficient and reliable ways to provide convenient spending power to the 2.5 billion “unbanked” adults worldwide. One such cashless solution, developed by First Data for the Indian market, was recently recognized with a Highly Commended Award for Best Prepaid Product of the Year APAC at the 2014 Cards & Electronic Payments International Asia Trailblazer Summit & Awards.

The First Data system supports the end-to-end prepaid lifecycle and spans card issuance, construction of acceptance networks, and management of settlement and clearing across all parties. The system’s efficient back-end operations are matched by a front-end web portal, seamlessly integrated to give all stakeholders — banks, merchants and consumers — anytime, anywhere access to critical transaction data.

 

India: A Proving Ground

The unique solution developed by First Data India offers new and valuable insight into the challenges and potential of prepaid platforms in emerging economies. Amid the worldwide shift toward cashless payment infrastructure, India has emerged as a proving ground for new forms of cashless payments. The Indian economy is still largely cash-based (in 2010, 99.7 percent of all transactions in India were cash-based1) and today, more than 40 percent of its 1.2 billion people remain unbanked.2 But driven by consumer demand of a relatively young population (two in five Indians are under age 19), the volume of prepaid card transactions will grow approximately 40 percent through 2016.3 With consumer spending in India expected to double by 20253, there is a significant opportunity to implement an effective cashless payment infrastructure that adapts to the rapidly evolving landscape of mobile technology, consumer demands and international e-commerce.

With this growing demand, other prepaid products have hit the market, but have required stakeholders to take a piecemeal approach — choosing a product for physical card issuance, another for POS terminals, and still another to handle settlement and clearing services. Existing infrastructure poses another challenge, as banks and merchants resist making large investments in new or upgraded infrastructure for fledgling prepaid platforms.

First Data addressed this challenge with the goal of developing an end-to-end prepaid solution that required minimal infrastructure investment or technology upgrades. This approach provides financial institutions and merchants with a cost-effective and profitable platform and empowers consumers with a convenient prepaid product.

Come back next week to learn more about the how this prepaid framework was designed to quickly and affordably scale to meet fluctuating transaction processing volumes.