Mobile Payment To Drive Prepaid Cards Sector
Technology fuels the industry and telcos look to move into prepaid business
Prepaid Summit: Middle East 2013
Conference, Expo and Awards Networking Dinner,
April 17th, 2013
Shangri La Hotel, Sheikh Zayed Road Dubai
Dubai UAE April 15 2013: The contactless and mobile prepaid card segment will continue to grow at an unprecedented rate, according to Bernardo Nicoletti, Director Pinion Services. Nicoletti was talking ahead of the upcoming Prepaid Summit Middle East 2013 in Dubai later this week (April 17) where he is slated to spotlight product and technology innovations, especially in the mobile transactions arena.
'The advance of mobile payment technology paves the way for a sea-change in business models across products, processes and marketing. It places prepaid options right into the hands of the consumer, literally.'
According to Nicoletti three factors drive the growth of the mobile payment systems, volume, functionality and technology.
'Currently, there are roughly 6 billion active cell phones in the world, and this is expected to surpass the world population in 2014. This, together with access to enhanced functionality, driven by smart phones and apps, has again broadened the scope for mobile prepaid. Meanwhile, new technologies such as contactless payments using Near Field Communication (NFC) further fuel the uptake.'
He noted that mobile prepaid is providing a great incentive for telcos to move in the financial arena, and vice versa.
'The contactless payment sector is growing worldwide as traditional business verticals migrate into the prepaid space. In Dubai, the introduction of contactless ticketing on the metro and buses is opening the road to prepaid cards. The next step could be the issuance of mobile phone-enabled cards or salary cards with remittance mechanism,' he suggested.
More than 45 international prepaid experts are set to share insights at the one-day conference, as Prepaid Summit Middle East 2013 will bring more than 120 delegates, experts and providers together in Dubai for the fourth time. Visa Inc is on-board as the Summit's Title Sponsor.