Page 68 - Pay Magazine s2014

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the one to watCh: pRogRam
The up-and-coming program, product or service with staying power and the potential to move prepaid/emerging payments forward over the long term
Genç Bankkart
Ziraat Bankasi
Partner: MasterCard Worldwide
In Turkey, 40 percent of citizens are under 25, and the government provides annual scholarship funds to hundreds of thousands
of university students. To meet the needs of this young-adult segment, Ziraat Bankasi created Genç Bankkart, a prepaid card for students with features useful during their academic years and with an eye toward expanding the financial relationship in
the future.
The Genç Bankkart prepaid card’s core purpose is providing students with access to their scholarship funds at the POS for purchases or at ATMs to withdraw cash.
One of the card’s most compelling features is permitting advance spend of scholarship
Turkey’s Ziraat Bankasi has targeted the youth market with a prepaid card to
distribute scholar- ship funds and an eye to building ongoing banking
funds via a no-interest/no-fee overdraft limit (valid only for purchase transactions) to cover a student’s financial needs when scholarship payment is delayed or students are short on money. Cardholders can spend up to US$130 in advance.
Within the first year of its launch, Ziraat Bankasi has issued 900,000 Genç Bankkart cards, with total monthly POS transaction volume of US$60 million and growing.
Recognizing the bigger opportunities Turkish Millennials present, Ziraat Bankasi plans to add an opt-in credit line as part of its strategy to encourage prepaid cardholders to become long-term
bank customers.
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