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The Advantage of Instant Issuance

The banking model is clearly changing in India, as the younger generations are growing more comfortable with paying with cards, said Ray Wizbowski, vice president, financial vertical, Datacard Group. Making a keynote presentation titled ‘Shaping the Future with Instant Issuance’ at a conference on ‘Cards, Wallets & Profits, the Unconference’, organized by Banking Frontiers in Mumbai, he said “India ranks as No 1in terms of card growth opportunity – in particular for debit cards, which will have nearly 90% of the card market share by 2017.”

Wizbowski highlighted how instant issuance helps financial institutions optimize their card programs by offering another form of convenience to customers and aligns with this growing debit card market. Specifically, he said, instant issuance enables banks to issue and hand a fully activated card to the consumer right away at the branch level – no need to send it by courier or mail.  With the ability to do this, banks can also help ensure the cards work properly and can more easily educate consumers on how to use it, which in turn will increase usages rates, he added.

“As card growth continues to accelerate in the region, Indian banks are well positioned to take advantage of new innovative technologies that will enable them to attract new customers. This event was a great forum to discuss how leading banks in India can integrate instant issuance into their card programs in order to improve customer convenience, enhance program security and increase overall operational efficiency,” he added.

Maintaining that India still has a cash dominated society, but gradually moving towards electronic payments, he said the key drivers in the shift would be consumer behavior as consumers become increasingly comfortable with card and online payments and with growing younger demographics driving cashless payments and the government push for financial inclusion.

According to him, India’s card circulation will double in the next five years, with the country ranking 5th largest country by 2017. He observed: “India will continue to be a debit card market with 90% plus cards, prepaid will be the fastest growing segment, clockign a CAGR of 24%, credit cards would be a small segment compared to debit and prepaid cards, clocking a CAGR of 5%.

Wizbowski explained the advantages of instant issuance and maintained that this can be adopted in issuing permanent, personalized debit/credit/prepaid cards, new account cards, emergency card replacements and auto-activated for immediate customer use. This has applications in bank branches, retail stores, airlines, events and government programs, he said.

The system that facilitates instance issuance has the capability for solutions for contact, contactless or multi-app cards, ensugint simplified issuace process and meets all the VISA, MasterCard, Discover and UnionPay EMV technology requirements.

Wizbowski said Datacard, which is a pioneer in instance issuance systems, has patented CardWizard instant issuance software and associated desktop systems for in-branch card issuance and personalization for both magnetic stripe programs as well as EMV compliant smart card programs. In addition, Datacard Instant Issuance adheres to Payment Application Best Practices (PAPB) Instant Card Issuance Guidelines, it is PA-DSS certified and its security and deployment expertise helped draft the VISA instant issuance guidelines.

The interactive session brought together executives in the payments industry including bankers, merchants, card issuers and acquirers, among others to discuss trends in the region and how key stakeholders can capitalize on the growing debit card market in India.

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