Archive for August, 2011

India Post, Indian Govt’s Post office is planning to launch nationwide prepaid card-based remittance system and is awaiting the approval from the Authorities.

The idea is to tap India’s internal money transfer market, valued in gross dollar volume at whopping $ 2.2 Billion per year. (Approx Rs 10,000 Crores).

India Post wants to offer MasterCard-branded prepaid cards to speed up its remittance services at around 155,000 branches across India. This would be run with HSBC, ICICI and IDBI Venture Infotek (Atos) will provide processing services.These banks will provide settlement and administration services with MasterCard and their revenue source would be the float–funds loaded onto the cards that have not been spent………………

Pilot Program to be launched where IDBI would run the scheme with post offices in North and East,HSBC  for west and ICICI  in the south and all put together with around 10,000 Post office pan India.

The model in which it would work would be something like this….This prepaid card scheme  allow funds to be transferred from cities to rural areas on a same day or next day basis at the maximum and There would be two cards issued One a Parent card which would be with the person who deposits (Remitter) this and second the child card or the add on card or the beneficiary card (Recipient).

And both these cards would be fully functional Open-Loop prepaid cards or Network branded prepaid cardsv(An open loop prepaid card is a type of prepaid debit card that can be used at multiple merchant locations and has network brand on it such as Master, Visa etc and here it is Master Card Branded), allowing ATM withdrawals  and withdrawals at post office branches.

Hope to see this is live action……An amazing initiative by a Govt Agency……..Lets see how this works………

(Source Tweet from Master Card and VRL News)

Cheers ♥♥♥♥♥♥
VedamsGyan

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Most of the people who are into e-Commerce did come across the word “SOCIAL SHOPPING”. If not check this post…

What is Social Shopping ?

Social  Shopping combines product sales with consumer recommendations in a social network environment. The whole idea circles around friends/communities/group of people who share similar interests and who rely on the opinions of fellow members to influence purchase decisions.

Social Shopping is a method of e-Commerce where shoppers’ friends become involved in the shopping experience. Social shopping attempts use technology to mimic the social interactions found in physical malls and stores. (Wikipedia)

In simple terms Social shopping is the combination of social media and e-commerce. It takes all of the key aspects of the social web — friends, groups, voting, comments, discussions — and focusing them on shopping — to create Social shopping.

The term social commerce was introduced by Yahoo in November 2005 to describe a set of online collaborative shopping tools such as shared pick lists, user ratings and other user-generated content-sharing of online product information and advice.

Social shopping is the next version or the upgraded version to web shopping as it brings all types of products into one place. No more skipping around from site to site searching for that hard-to-find item.With social shopping, you are one click away from comparing prices, and you can easily find out what other people are saying about your prefered mobile phone or your favrioute book.

The advantage  for Social shopping sites is it generate revenue not only from advertising and vistors but also by sharing information about their users with retailersAnd the the user interactions or information and recommendations are passed on to the retailers which are hard to acquire from sales personnel.

And typically or in broad sense Social Shopping sites are of five types

1) Group shopping sites,
2) Shopping communities 
3) Recommendation engines
4) Shopping Marketplaces
5) Shared Shopping sites

And to conclude on this the advantage for Customer/Shopper/ End User is

  • Products can be easliy located
  • Get the best price
  • Comparison and research based shopping
  • Confident shopping
  • Get to know and shop with like minded people or people with same tase

Cheers
VedamsGyan