Wednesday, August 15, 2012

Card Protection Services India


India has been one of the world’s fastest growing economies with banking & financial services companies experiencing significant growth both in size & profitability. The number of credit cards in India has declined over few years and that of debit cards has grown. As of end March 2012, there were 17.65 million credit cards and 268 million debit cards in Indian market.

With these changes in card market size, there has been lot of pitfalls as incidents of fraud, card lost, and card stolen. Currently, the total industry lost, stolen & counterfeit card fraud is Rs. 13 crore.

From Sushmita Sen, Shriya Sharan to aam aadmi, there have been all sorts of victims. Everyday lot of people loses their wallet, debit card, credit card, pan card, loyalty cards, mobile, driving license etc. These cards could go in wrong hands and leave the owner distressed.

There has been lot of companies in developed economies which provide card protection services to people. All card protection companies help consumers block their cards by giving free call to customer service team.

 In India, banks started providing these services to consumers since end of 2008 using CPP Assistance Services,India.CPP has 30 years of experience in assistance services and is headquartered in United Kingdom.

Recently, Sequoia Capital India & Lightspeed Venture invested $3.5 M into Mumbai based OneAssist Consumer Solutions Pvt. Ltd. This company offers personalized mobile & financial security services via its various products Wallet Assist, Mobile Assist, Everyday assist and Trip Assist.

This market seems to be still in its early stage in India and mostly consumers from upper middle class & above will avail these services.

Success of these companies in Indian market will depend on how well they price their product, how many features they offer in their product, how well they educate consumers about these products, how easy they make purchase of their products and how well they service their customers. Moreover, it will also depend on the growth of plastic in the wallets of consumers.

CPP already have tied-up with most of the banks such as ICICI, HSBC, Citi Bank, SBI, Axis Bank etc. for various card protection memberships (Classic, Premium, and Platinum). Rates at which these banks & CPP provide these services:


CPP
HSBC
ICICI
Citi Bank
SBI
Axis
Classic






Single
1145
1287

1287
1145
1145
Joint
1745
1961

1961
1745
1745
Premium






Single
1495
1680
1495
1680
1495
1495
Joint
2245
2522
2245
2522
2245
2245
Platinum






Single
1745
1961

1961
1745
1745
Joint
2645
2972

2972
2645
2645


One Assist not only provides card protection service, but also others too as mentioned below:


Wallet Assist Power
Wallet Assist
Privilege
Mobile Assist
Power
Mobile Assist
Privilege
Everyday Assist Power
Trip Assist Power

Single
Joint
Single
Joint
Single
Joint
Single
Joint
Single
Joint
Single
Joint
One Assist
1099
1699
1599
2499
1099
N/A
1499
2499
2199
3299
599
899


It will be interesting to watch how these companies perform in Indian market.

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