Britain launches sQuid payment system in India

According to the official statement of sQuidcard Limited, the electronic money (eMoney) next year it will launch its sQuid eMoney service in Dundee. This became possible owing to the partnership with the Scottish National Entitlement Card (NEC) and Dundee City Council.

This technology has already been launched in Manchester and is going to be launched in Scotland and later in India. sQuid is electronic money, stored on a pre-paid, plastic smart card widely used in the UK.

“Our unique eMoney service delivers real value for retailers, with very low costs, much lower than credit and debit cards for sub-£10 transactions. For the consumer, sQuid is available to anyone, and does not require a bank account. It complements the philosophy of the Entitlement Card being open to all, and we are delighted to be launching sQuid in Scotland with NEC and Dundee City Council,” – said Adam Smith, Managing Director of sQuid.

Introduction of sQuid technologies to Indian market is one of the priorities for the company as that market has a huge potential and is not highly developed.

“India is also one of the most under-banked major markets in the world with only 6 bank branches per 1,000 sq kms, according to the World Bank, and less than 31% of the population has access to a bank account. This we believe will make a low cost smart card very attractive to the market,” commented Adam Smith.