Three new NFC deployments across Asia-Pac
The card initially will enlist 16 private merchants-such as Singer, Unilever, Cargills, Mobitel, DSI, Abans, Sampath Bank, NOLIMIT, Hutch, Delmege, TVS, MRF Tyres, Rainco, Anton and ICL, among others -to give special rates on their products and services to 350000 strong apparel workforce here. Upon producing the card at any of these merchant’s retail stores/sales points, the apparel employee becomes entitled to additional discounts and bargains (ranging from 2% to 15%) on top of the already declared/advertised discounts or rates by the merchant for the general consumer market.
For example, at Sampath Bank, card holding apparel employee would be given 1% extra interest on their savings in addition to the prevailing rates made available to regular customers, 10% additional discounts by Ceylinco Insurance in addition to rates of regular consumers, and 7.5% additional discount for shoes at DSI. The card will use the advanced closed system of Near Field Communication (NFC) technology by Mobitel in that, the transactions takes place as soon as the card touches the surface of Point of Sale (POS) Terminal of the vendor/supermarket! The final version of Pranama Privilege Card scheme will be implemented by November 2014.
LTP view: Its amazing how governments, banks and retailers are beginning to adopt NFC payments in Asia-Pac. There are many more examples we will bring to you. In terms of sheer numbers APAC region is the fastest growing region for mobile payments globally.