Wednesday, March 11, 2009

Track Presentation: Assessing the Public Sector Opportunities for Prepaid


Jason Tiede, Director of Public Sector Prepaid, Citi Prepaid Services
Hemant Baijal, Vice President, Public Sector Prepaid, MasterCard Worldwide

This track presentation began with Hemant discussing the reasons why prepaid has grown citing that the industry has provided the right solutions to key stakeholders. For government agencies, prepaid has created efficiencies, lowered direct costs, minimized fraud, and simplified payment of benefits. For cardholders, prepaid has given them convenient and quick access to their funds, it is less costly than cashing checks, it provides more control over the use of their funds, and it improves financial access for the under-banked.

Hemant mentioned that prepaid is helping the public sector by
  • Providing solutions that are relevant globally
  • Displacing costly methods of benefits disbursements
  • Delivering innovative, electronic payments solutions
  • Improving access to mainstream financial products
Jason Tiede of Citi Prepaid Services stated that the 5 keys to success for prepaid are
  1. Identify a niche
  2. Pursue market driven solutions
  3. Ensure quality infrastructure
  4. Understand the culture
  5. Be quick to market position as market leader
Here's a small portion of the presentation:

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