Chairman of Telecommunications Services of T&T (TSTT) Emile Elias is optimistic that the company can regain lost market share in less than five years. He said with the introduction of the bmobile Prepaid Visa Card, the company continues to sharpen its competitive edge.
Speaking at Monday's launch of the prepaid card by bmobile and Republic Bank, at TSTT House, Port-of-Spain, Elias said TSTT's new vision is to return to profitability and scupper gains made by other operators in the sector.
He said the introduction of mobile money is the first in a series of exciting customer centred initiatives products being rolled out.
"We have new leadership both at the board and at the senior management level. We have a new vision and we have a very new and clear road map that leads us into the future, which is a five-year strategic plan.
"So the issue that I find that is now before our new board of directors, which would have been in office for some ten months, is not whether we change TSTT or not, but whether we manage change or allow change to manage us. That is our challenge. As I have experienced our board and the way that they react to all the initiatives that we talk about, I can say without any hesitation that we fully intend, not just to make sure we are doing things right, but to make sure that we are doing the right things as well."
TSTT CEO Dr Ronald Walcott described the new electronic payment facility as fully personalised and managed only from the customers' bmobile handset. From on-line purchases, to overseas travels, as well as local and international ATM usage, it is geared toward enhancing the customer experience in day-to-day purchases.
Walcott said the integration of the prepaid card in the payment eco-system represented more than a revenue diversification opportunity for TSTT.
"Through our introduction of mobile financial services, TSTT is fundamentally supporting the wider economy as we embrace changes to the way in which citizens in T&T are able to access financial services. Through the bmobile prepaid visa card, they will have the convenience and reach of a credit card, but with the control and security of a chip and pin debit card.
"You only spend what you put on to your card. In addition to the card's latest chip and pin technology, customers can also mitigate against fraud due to app alerts with every purchase. Our customers will immediately enjoy converged bills (mobile and residential) and have the convenience of doing direct top-up.
"With its person-to-person balance transfer, the bmobile prepaid visa card offers a very competitive alternative to MoneyGram or similar services. Further, companies can easily do expense reimbursements and load salaries directly to the card. So while we are in the process of transforming ourselves into an agile broadband company, we are also transforming our fellow citizens into 21st century connected customers."