Global Potential for Prepaid Cards. Overview of Key Markets

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1 Global Potential for Prepaid Cards Overview of Key Markets Edgar, Dunn & Company, 2014

2 Introduction to Edgar, Dunn & Company Edgar, Dunn & Company, 2014

3 Edgar, Dunn & Company Edgar, Dunn & Company (EDC) is a director-owned management consulting company established in 1978 Global Thought Leaders in Payments Recognised industry leaders in payments Financial services focus with payments specialisation Collaborative consulting approach San Francisco Mexico City London Paris Atlanta Frankfurt Singapore Sydney Today we serve clients in more than 30 countries on six continents from offices located in North America, Europe and Asia 3

4 EDC is familiar with and has client engagement experience across the whole payments value chain R e t a i l P a y m e n t s V a l u e C h a i n Consumer Payment Instrument Issuer Issuer Processor Network Acquirer Processor Transaction Acquirer Recipient Pay Later Credit / Charge Pay Now Issuers Issuer Processors Network Processors Acquirer Processors Merchant Acquirers Debit ACH / Wire Money Transfer Cash Receiving depository financial institution ACH Originating depository financial institution Agent Money Transfer Operator Agent Banks, ATM Networks Retailers Check Pay Before Prepaid Paying bank Paying bank or processor Prepaid issuers and processors Central banks, clearing houses Network Processors Collecting bank or processor Collecting Bank Prepaid acquirers and processors 4

5 EDC s Advisory Services cover multiple functional areas and include conducting strategic analysis and providing critical business guidance to organisations throughout the payments value chain Risk Management Financial Analysis & Profitability Customer segmentation analysis Portfolio profitability analysis Loyalty program development Cost studies Pricing studies Risk management strategies, including chip Credit and fraud risk policies Fraud prevention & detection Benchmarking & best practices Proposition Development Market entry strategies New product strategies Market opportunity assessment Implementation planning and support Strategy Corporate and business unit strategy development Enterprise-wide and productspecific programs Merger and acquisition support Competitive positioning & brand strategy Channel strategy PAYMENTS VALUE CHAIN Operations Back-office process improvement Third-party processor evaluation Review of business processes Outsourcing strategies Portfolio migration and implementation Regulatory and network compliance 5

6 Introduction $822 billion projected prepaid opportunity The global prepaid industry is fragmented between financial institutions, retailers and speciality companies Two main drivers have supported the global growth of prepaid: Functionality to support unbanked and underbanked segments 1. Youth 2. GPR Functionality to support distribution of value 1. Gift 2. Government benefit 3. Corporate Prepaid (travel, procurement, etc.) Image: 1 BCG 6

7 Overview of Key Markets by Region Europe UK, Italy, France, Germany Middle East - UAE, Iran, Turkey Latin America Brazil, Mexico, Chile North America USA, Canada Asia-Pacific India, China, Australia Africa South Africa, Egypt, Kenya 7

8 North America USA and Canada Edgar, Dunn & Company, 2013

9 North America Prepaid Landscape North America has one of the worlds most developed payment infrastructures Canada has a highly banked population with only 1.7 million unbanked individuals Over 30 million unbanked inhabitants Dominant domestic debit scheme Interac GDP per Capita Canada : $ USA : $ OECD HI avg : $ In 2010 USA represented 73% of global prepaid market 2 Source: World Bank 2 Global Prepaid Opportunity MasterCard 9

10 Prepaid Cards in North America - Trends Gift cards Closed loop gift cards issued by retailers remain more popular than open loop (network branded) 1 Speciality retail, discount stores and department stores comprise about half the closed loop market based on number of cards purchased 1 Both US and Canada Governments are expanding involvement in prepaid Government State and local programmes being developed Youth/ General Purpose Changing demographics mean young adults now represent 10% of population Encompasses teens, students and underemployed Young Money Prepaid Discover Card More than 20, 000 issued 1 first data Corporations looking to control expenses through prepaid cards Corporate prepaid Strong focus on prepaid for rewards and incentives 10

11 Prepaid Cards North America - Government In government offices and 186 programmes issued $136 billion through prepaid cards Canada's civic and provincial government now turning to prepaid to help save cost Paid via prepaid Direct Express Card US treasury tax refund In 2011 after wild fires in Alberta, $9.8 billion of emergency aid was issued to victims through prepaid $15 billion in benefits $7 billion in child support Tax refund via open loop card In 2012, SelectCore partnered with City of Toronto to provide City Services benefit card 11

12 Prepaid Cards in North America- Corporate Corporate benefits cards are the most common prepaid card in North America Banks offer open loop benefit cards with load values between $10 and $500 Not all banks offer prepaid payroll cards but strong competition is meaning more are looking to offer the service Estimated 4.6 million active payroll cards in Banks often act as programme managers and offer corporations to implement benefit card solutions Benefit cards typically involve loyalty and incentive programmes Many banks still only offer traditional credit cards to corporations 1 Aite Group 12

13 Prepaid Cards North America - Consumer Gift cards Gift cards offered by banks are open loop Gift cards offered by merchants are closed loop Both types of cards come with loyalty programmes Youth/GPR 10% of population are youth, 4% growth by Card Act passed in 2009 means it is harder for under 21s to receive a credit card so prepaid may be an attractive option Establish brand affinity for future finance Travel cards may be attached to account Issuers Almost all banks offer gift cards, far less offer GPR and youth cards Programme managers tend to focus on corporate and government clients GPR cards for consumers are issued by government Prepaid cards have been implemented in various cities for transit 1 mintel group 13

14 Regulation of Prepaid North America Prepaid cards have far fewer regulatory protections than bank accounts, debit or credit cards Consumer Financial Protection Bureau (CFPB) Security and Transparency for consumers Image: 14

15 Prepaid Cards North America Government and transit examples Issued by Commercia Bank Treasury Department s financial agent Prepaid debit card for federal benefit recipients who don't have bank accounts No sign up fees or monthly account fees. Offers cardholders free access to their money Use to Pay bills Make purchases online and face-to-face Free ATM transactions New payment system for Chicago transit authority Contactless GPR prepaid open loop card $5.00 cost of card but refunded through transit use 3, 7 and 30 day pass Dual purpose Use for cash at ATMs and online bill payments Use wherever MasterCard Debit is accepted 15

16 Asia-Pacific Overview of Key Markets 16

17 Prepaid Cards in Asia/Pacific Prepaid Landscape Singapore Australia Japan Korea Diverse market with varying opportunities available China India Vietnam Developed banking sectors Payment cards common Highly banked population High level of Card usage and technologically advanced. $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 70% 60% 50% 40% 30% 20% Less developed banking sectors Cash based society Highly unbanked population Few cards per capita $10,000 10% $0 0% GDP per Capita ($) Unbanked population (%) 17

18 Prepaid cards in Asia/Pacific - Trends Strong focus on debit and credit cards in developed countries Growth in Asia is driven by $346 billion annual spend via payment cards* in Australia Strong relationship between domestic debit schemes (NETS), FI and merchants China UnionPay active promoting cross border debit and credit Lunch Transit GPR Payroll Government Gift Transit 18

19 Prepaid cards in Asia/Pacific Major Markets Australia Travel cards are well established and continue to be popular Remittance cards expected to enter market (outbound channel) Gift cards are most widely used and use of cards within loyalty programmes is popular Japan Prepaid mainly used for transport and smaller purchases most popular products are contactless Transit cards usage expanding beyond fares Shared use by merchants of closed loop gift cards China Lack of regulation and KYC rules has associated prepaid industry with corruption, bribery and tax evasion In 2010 prepaid card sales reached $225 billion with 25% year on year growth 1 Open loop cards highly monitored India Government to pay wages and social security benefits through prepaid cards 350 million Indians between 10 and 24years old 2 (27.5%) 97% of population uses cash however card awareness is growing 1 China Ministry of Commerce 2 UN and the World Health Organization 19

20 Prepaid cards in Asia/Pacific - Government Government regulations are losening up to prepaid cards Opportunities for prepaid government cards in developing countries lie in the large unbanked populations China has 770 million unbanked India has 600 million unbanked Government supported payment scheme Rupay in India Non-financial institutions have been allowed to issue prepaid GPR cards in China In developed countries prepaid cards have focused on niche opportunities Disaster relief in Australia Japan s ageing population 20

21 Prepaid Cards in Asia/Pacific - Corporate Focused on employee benefits and rewards Cards are given to clients as marketing schemes Payroll is the biggest opportunity for corporate cards Currently payroll cards are in limited number Indian travel card market dominated by corporate cards Programme managers are targeting the corporate segment ItzCash* issue corporate benefit cards in fixed denominations in India In China, corporate reward and benefit cards exceeded $58 billion in sales Cards are given instead of traditional employee presents/benefits 21

22 Prepaid cards in Asia/Pacific - Consumer India Payment cards not common - 97% cash usage million debit and 19 million credit 1 Low ecommerce due to low internet penetration Prepaid cards new concept, card acceptance in rural areas has been a hurdle India Post (India s Department of Posts) plans to launch prepaid cards, 90% of post offices are in rural areas so may have big impact Australia Gift cards are the most widely used application of prepaid, use of cards within loyalty programmes or customer incentives is growing Open loop general purpose is slowly growing travel cards popular multiple currencies Ecommerce, consumer, corporate travel and incentives show greatest promise for prepaid 2 Rêvs Drivers Card taxi drivers can load taxi voucher payments directly to the card, can pay toll road fees and take credit as well as general purchase at Visa/MasterCard acceptance points 1 Indian Prepaid Card Market Outlook to Paybefore 22

23 Prepaid cards in Asia/Pacific - Consumer China Largest market for closed loop prepaid cards 500 million cards expected in circulation by Rise of NFC enabled terminals, rbanization, growth in retail and fuel consumption, increase use by unbanked will drive growth Open loop rare due to tight regulation: Cards cannot be issued by non financial institution unless authorised by People s Bank of China KYC register for purchases over $1,500 or above in prepaid Card limits of $7,500 for individuals Other Developed Countries Prepaid solutions finding it hard to ground in well developed banking sectors Growing travel trends and online purchase activity in consumers poses opportunity Contactless prepaid programmes most popular in Korea and Japan e.g. Korea smart card retail, vending, transportation and parking 1 Private label cards Opportunities and Challenges in Asia Pacific 23

24 Prepaid cards in Asia/Pacific - Example EZ-link Imagine American Express Prepaid Card Launched in % cash rebates on shopping and dining EZ-link intergrated season pass- unlimited travel on bus and train services Receive deals and privileges in Singapore as well as globally Worldwide acceptance 24

25 Africa Overview of Key Markets Edgar, Dunn & Company, 2013

26 Prepaid cards in Africa Prepaid Landscape Northern African cities have well developed payment systems Sub-Saharan Africa has poor payment infrastructure systems South Africa has parts as well developed as Western Countries $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $0 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% GDP per Capita ($) Unbanked (%) 26

27 Prepaid cards in Africa but Prepaid Trends Banks in more developed African countries offer a wide range of prepaid products Prepaid cards issued by banks are typically targeted at corporations ABSA Bank has issued 350,000 cards and is growing 50% a year 1 Initially closed loop cards have been most popular But banks are starting to issue open loop cards In more developed payment markets major retailers have their own closed loop gift cards Payroll cards are gaining ground in South Africa These tend to be open loop but only for domestic use Government support for prepaid initiatives is limited Limited in support for both prepaid government cards and payment infrastructure in developing countries MasterCard and SASSA* have helped issue more than 10 million active prepaid cards for social beneficiaries 1 financial mail August 2011 *South African Social Security agency 27

28 Prepaid cards in Africa Major Markets South Africa Prepaid market has grown at CAGR 65.49% last 4 years Number of cards expected to rise from 27.8 m in 2013 to 39.3 m in 2017 Growth pushed by leisure travel cards, retail cards for children plus healthcare and government cards Kenya Difficulty establishing prepaid due to poor payment infrastructure 19.7 million prepaid cards in but negative growth projected -3.08% 2 Mobile payments popularity increasing 15 million M-PESA members 2012 Morocco Dominated by French banks with few prepaid products Higher than average MSC so card payments unattractive option for merchants Cash main form of payment 1 cards international 2 Opportunities and emerging trends in prepaid market sub Saharan Africa Significantly more people with mobile phone than bank accounts Many rural areas that banks will be unable to reach in the near future Traditional model of retail bank accounts may not be primary model for providing financial services... 28

29 Prepaid Cards in Africa - Government Unbanked populations are large and unemployment rates high... Yet we do not see many prepaid government programmes Few banks in Africa are active in supporting prepaid government programmes Programme managers appear more active in this sphere Prepaid government solutions tend to be closed loop solutions In the more developed countries there is enough social benefits to support prepaid government programmes MasterCard's biometric card launched with SASSA has seen distribution of more than 10 million active cards since March SASSA controls and manages disbursements of 15 million social benefits to 9.2 million beneficiaries (including State Old Age Pension, Disability Grant, Child Support) Biometric card is used to identify social grant recipients using fingerprints to reduce unlawful collection of grants as well as dramatically reducing SASSA s operating costs 1 Payment Source 29

30 Prepaid cards in Africa - Corporate US $ Billion $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 Prepaid cards can be channel for distribution of funds Payroll Morocco Egypt Kenya Nigeria South Africa Payroll Cards Biggest opportunity for corporate prepaid cards Provided by banks and programme managers Typically open loop but only domestic Some payroll services pay direct to mobiles Corporate benefits common among banks Incentives cards for employees and agents Holiday gifts Given as marketing schemes 30

31 Prepaid cards in Africa - Example In association with I&M Bank in Kenya First prepaid multi currency card in Sub- Saharan Africa Carries 3 currencies, Pounds, Euros, Dollars with further currencies planned Partnerships with MasterCard gives access to 34 million POS in over 210 countries Allows online purchases on secure websites, both Kenyan and International 31

32 Prepaid Cards in Africa - Example Issued by Net1 and Grindrod Bank in association with South African Social Security Agency Card can be used to pay for goods and check account balances for free at POS More than 10 million issued since March 2012 Biometric information (fingerprints and other personal information) identifies recipients, so only approved beneficiary can receive grants Cost for SASSA per grant distribution 1 : Old system: $3.25 to $4.38 New system: $2.07 Estimated savings of $375m over 5 years

33 Thank You Peter Sidenius Director Edgar, Dunn & Company Candlewick House 120 Cannon Street London EC4N 6AS Tel Fax Edgar, Dunn & Company 33

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