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New tactics needed
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7 March 2011 |
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Half of the world's population do not have a bank account, according to an industry expert. And Bernardo Nicoletti, has warned regional banks must up their game to get secure a chunk of the prepaid card market which targets this 'unbanked' group.
Nicoletti, a global expert in the prepaid segment said: "A big chunk of the expatriate population is in the low income bracket, making them unsuitable for credit cards but right for prepaid cards."
"Banks must move now and create innovative if not radical card products. The opportunity is huge, especially for those who do not have the easy ability to open a bank account."
7DAYS heard at a recent payment industry event in Dubai that exchange houses such as the UAE Exchange have been winning ground from banks in the payment sector.
Bank Audi SAL's Randa Bdeir agreed "radical thinking" is needed to tap this market: "New products must be created now... tailored to offer this massive chunk of population better spending control, financial empowerment."
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Source: beta.thehindu.com |
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