Page 16 - Pay Magazine s2014

pay awards
Best Benefits Delivery
Best use of a government- or corporate-funded prepaid card to deliver bene ts or refunds, such as insurance, economic assistance and other bene ts.
PROIIF
MasterCard Worldwide, BANSEFI Banco del Ahorro Nacional y Servicios Financieros SNC
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winners
VRA South Africa VAT Refund Program
MasterCard Prepaid Management Services, MasterCard Worldwide, Travelex Card Services
smiOne Visa Prepaid Card
Systems and Methods Inc., The Bancorp Bank
what it is: Social support program developed in conjunction with the federal government of Mexico to deliver comprehensive bene ts and nancial inclusion to 6.5 million recipi- ents, featuring MasterCard-branded prepaid cards, nancial education, savings, credit and insurance.
why it works: Helps ful ll the Mexican govern- ment’s goal of fostering nancial inclusion and education as the best way to bring prosperity to the most vulnerable segments of the population.
why it matters: Bene ts recipients gain access to electronic payments that o er convenience, control and security. Most bene ciaries are women who are using nancial services for the rst time.
Innovative public-private partnership delivers hybrid card for bene ts delivery, savings plan, credit option and insurance.
differentiators: Helps bene ts recipients get ahead by providing nancial education, savings, credit and insurance products. Tailored mes- saging via SMS reinforces savings targets and provides loan repayment reminders. Bene ts are paid out conditionally based upon criteria such as children’s school attendance and medical visits.
what the judges said: PROIIF goes beyond bene ts delivery and o ers recipients access to credit and insurance products, often for the rst time. The scale potential in Mexico alone is immense, but the program also could be a model for other government/private sector partnerships.
Association of Commonwealth Universities
Foreign Student Disbursement Program
MasterCard Prepaid Management Services, MasterCard Worldwide, Raphaels Bank
prepaid