Tuesday, February 23, 2010

State of the Market: Prepaid Around the World

Tony Craddock, CEO, Global Prepaid Exchange
Gaetano Giannnetto, CEO, Epipoli Spa
Helen Child, Chief Executive, G-T-P Group LTD
Andrew Johnson, Director General, UKGCVA
Robert Courtneidge, Global Head, Cards & Payments, Salans
Yuval Tal, CEO, Payoneer

Here are some questions asked to the panelists during the discussion.

What have you learned most about doing business overseas?

Yuval Tal, Payoneer
You can’t trust the local post office because of logistical problems. You can’t deal with anything in English in China, you need to have everything localized. One surprise is that people around the world are very appreciative when getting paid with prepaid cards. It gives them freedom to shop online securely.
Andrew Johnson, UKGCVA
If you’re looking to do business overseas especially in gifting is that every country wants to do different things. You have to change and tailor your model on the country that you are issuing cards to.
Robert Courtneidge, Salans
Don’t just assume you can move into any country, always understand local laws and regulations that may interfere with how you run your business.
Helen Child, G-T-P Group LTD
Do not try and go for a one-size fits all in international processing. For example if you’re coming from the US to the UK there is a huge difference even though we might speak the same language. Listen to the people on the grassroots level because they are your consumers.
Gaetano Giannnetto, Epipoli Spa
Every consumer is different by group by consumer level no matter their income, passion, drive, and choices.

Is there any trend to the insurance of gift cards with open-loop?

Andrew Johnson, UKGCVA
From the UK perspective open loop is still struggling. Gift cards are still seen as a last minute gift in the UK and so there is still a long way to go for open loop to be successful.

When launching a B2C product, where in the process do you insert marketing dollars for the adoption of the product?
Helen Child, G-T-P Group LTD
Invest in focus groups before launch to listen in to customer conversations. You need to be practical in how you deliver your marketing strategy. Changing buying behavior doesn’t happen overnight.

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