Speaker:
Elizabeth Buse, Global Head of Product, VISA, Inc.
Elizabeth Buse started her keynote address after some opening remarks from the conference chairperson, Marilyn Bochicchio. She went right into personal consumption expenditures and how much of it is related to prepaid opportunities. There isn’t a consistent report to assess how much of it is prepaid opportunity, but VISA has taken a bottom-up approach into trying to understand the prepaid opportunity.
Merchants ,financial institutions, government more now than ever, want to jump into prepaid opportunities and manage risks. This means that the market needs choice control efficiency. The industry has to enable certain control options for consumers. Streamlining costs becomes increasingly important as retailers want to attract new customers but don’t want their spend to increase dramatically.
This trend continues not only domestically but across the globe in countries like Brazil, Philippines, South Africa, India, where opportunities for the prepaid industry for the under banked is immense.
In an economic downturn, companies must invest heavily in innovation now. Innovation in the prepaid market is vital to its survival. Elizabeth mentions that Visa’s press release today of their adoption of MoneyGram Link is an excellent example of innovation that prepaid companies should be mimicking. Being able to deliver consistently and keeping our promise to our consumers should be the driving factor for innovation within prepaid.
Take a look at some video footage we captured from Elizabeth's keynote address below:
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