Tuesday, February 23, 2010

Developing an International EBT Business: Winning Strategies for Multi-Country Prepaid Benefits

Anabel Perez, Co-Founder & CEO, NovoPayment, Inc.
Jose Antonio Majluf, General Manager, Tebca Peru

The card program which was launched as a joint venture by NovoPayment and InterBank Group in Peru helps to reduce costs for employers and merchants, and provides end-users with a much better way to purchase products. Tebca Peru has an interesting relationship with NovoPayment and InterBank Group. NovoPayment provides the knowledge of how to run prepaid products and provides the platform for running the products. InterBank looks at the card issuing and fulfillment and NovoPayment does the programming and customer service of the product.

Companies when issuing paper vouchers had to go through the manual process of distribution thousands of vouchers to employ. Employers were then able to go to the website and issue cards whenever they want instead of having these cash-like items with no security. The website also allows consumers to check their balances and activity 24/7, A lot of time was spent in education since a lot of the consumers and the market have never used electronics cards before. The initial goal was to issue 200,000 cards and through the partnership they were able to do so within 2 years.

Collaboration is vital in producing great results in international markets.

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