The upcoming mobile financial services of the companion cards like merchant payments, e-commerce, ATM withdrawals, etc. would assist mobile operators expand their bouquet of the offering. They also intrigue the youth for the convenience they get to shop through the virtual cards from local & international markets at being home. Their global usage would make it popular among expats, travellers, students going abroad to meet their financial needs.

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The Rise and Rise of Companion Cards

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Uses of Companion Cards
 POS Payments:
Mobile money providers partner with Master card and visa to issue companion cards.
Accepted globally at all Master card or Visa licensed POS.
Enable the services to go global and be accepted internationally.
 ATM withdrawals:
Companion cards can be used to withdraw money at Master card and Visa licensed ATMs.
 E-commerce Payments:
Virtual cards are also available, which can be used for online payments.
Customer gets the card details by SMS (card number, CVV and expiry date), which he enters in the website
to make payments.

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Reasons for Popularity
• Beneficial for mobile service providers
 Allows mobile companies gain revenue, especially the amount that they lose due to the advent of various
free messaging apps.
 Remove the requirement of agents in the system, thus saving on agent commission.
• Better acceptance structure
 Expand the reach of the mobile money service.
 Mastercard companion cards are accepted globally by 30 million merchants.
 A very good way of reaching out to the unbanked population of the world.

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Reasons for Popularity
• Readily availability:
 No hassle of submitting a range of documents or opening a bank account.
 No need to open a bank account or submit documents.
• Good branding opportunity:
 Immense brand recall since customers carry the cards all the time.
 Higher loyalty to operators
• Easy distribution system:
 No hassle for mobile operators for setting up a fresh distribution structure for companion cards. It is done
through the existing mobile distribution system.

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Opportunities Ahead
• Enormous possibility is enormous:
 Enable money to circulate in the mobile money ecosystem.
 90% of transactions are cash in and cash out and retail purchase transactions.
 Most of the use cases are still untapped and are expected to grow in the coming years.
• A great chance for mobile operators:
 Help mobile operators expand their bouquet of the offering.
 They are coming up with various mobile financial services like merchant payments, e-commerce, ATM
withdrawals, etc.
 This will help them to increase the pocket share of existing customers and onboarding of new customers.

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Opportunities Ahead
• Helps in financial inclusion:
 A winning opportunity for economies especially those where the unbanked population is high.
 In Latin America, companion cards have been identified as an important measure of financial inclusion.
 In Latin America, 30% of all cards issued are companion cards.
• Appeals to the youth:
 Millennials are ready to embrace new technology, have new experiences and open to new ideas.
 Companion cards are a great way in on boarding these Millennials.

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Challenges Ahead
 Companion cards need IT system adjustment like Issuer Identification Number, authorization of the APIs etc.
 For this, a PCI Compliant Companion Card Management System is required which helps in creating and
managing various aspects of cards like payments, activation, linking the cards to customer accounts and
validation of cards during the payment process.
 Companion Cards have to remain convenient and fast.

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Disclaimer
Copyright © 2015: Comviva Technologies Ltd, Registered Office at A-26, Info City, Sector 34, Gurgaon-122001, Haryana, India.
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