Prepaid forum to roll out consumer prog

Mumbai, July 8 : International trade body Prepaid International Forum (PIF) on Thursday announced that the India chapter of the forum is to roll out a comprehensive consumer education programme to build awareness and adoption of prepaid products and services in the country.

It follows a survey of consumers conducted by PIF India member organisations which revealed that consumer awareness of prepaid is very low.

Commenting on the rationale behind the initiative PIF India Executive Committee member Brajesh K. Varma said: "One of the many advantages of prepaid is that it represents a low cost, basic banking product that provides an entry point to a range of financial services for the unbanked and under-banked. Prepaid cards also provide convenience, security and control for segments such as youth, payroll and in the distribution of social benefits."

As PIF India prepares to celebrate its first anniversary in August, members met in Mumbai recently to consider the key components of a nationwide prepaid awareness campaign. There was support for thematic advertorials including the promotion of gift cards ahead of festival periods such as Diwali and the promotion of general purpose prepaid cards at Point of Sale and through bank branch staff.

PIF India Chairman Sachin Khandelwal said: "This is a very important initiative and one that is being planned when consumer spends are at a high and there is a lot we will be able to adequately promote prepaid for the benefit of all stakeholders."

Prepaid International Forum (PIF) launched a regional Chapter for India in August 2009 under the patronage of leading global payments solutions provider TSYS. Members include ICICI Bank, Axis Bank, HDFC Bank, TSYS, Yes Bank, Union Bank of India, State Bank of India, ItzCash, TimesofMoney, Deutsche Bank, Standard Chartered Bank, Visa, Accor Services and Barclays Bank.