HPS, one of the world's leading payments solutions providers, has signed a consultancy agreement with Mr. Sonny Sannon, former president of MasterCard South Asia Middle East and Africa (SAMEA). Sannon is an emblematic personality in the electronic payments industry, and through this association, HPS aims to strengthen its position in the dynamic Asian market, notably India.
HPS specializes in multi channel electronic payment solutions, and in 2009, they were rated amongst the top 3 of 11 leading vendors of card management solutions worldwide by Gartner. Building on its strong growth and achievements in the Middle East, African and European markets, HPS now seeks to penetrate the markets of the emerging countries in Asia.
Sannon is a veteran of 32 years in the cards and payments industry, and his experience and expertise will facilitate HPS' expansion into new geographies. In response to this agreement, Mr. Mohammed Horani, Chairman & CEO of HPS, said "we are very pleased with the signing of this agreement with Sonny Sannon, which reaffirms the quality of our solutions and the level of our expertise. Our partnership will positively impact our development in the dynamic Asian market, particularly in India."
Sonny Sannon commented: "I've known HPS and the leadership team for many years, and am impressed by their professionalism and customer-focused strategy. Their PowerCARD solution manages all aspects of retail payments, and its flexible architecture allows it to be tailored to meet customer needs."
Asia, with its cultural and ethnic diversity, is home to 60% of the world's population, and its dynamic economies offer vast potential for electronic payments industry. HPS has gained experience in Asia by successfully implementing its solutions at highly reputed and demanding financial institutions in Japan and Malaysia. Asian consumers are early adopters of technology in all areas including payments, and banks are always keen to differentiate amongst themselves by offering innovative, value-added payment products to their customers. HPS' prowess as a leading provider of innovative solutions makes it well-suited to support the objectives of progressive financial institutions in Asia.
The Indian market is strategic and represents a significant growth opportunity for HPS and its card and mobile payments solutions. With a population exceeding one billion, an economy growing at 8%, and more than 560 million mobile subscribers, India is a rapidly growing and promising market for electronic payment solutions. The electronic payments industry is estimated to exceed 200 billion dollars in India by 2012.
HPS is leading payment Solutions Company. More than 100 sites use HPS's PowerCARD© solution supporting the processing needs of over 320 institutions (banks, financial institutions, telecom operators, postal organisations, government entities, etc.) in over 70 countries around the world including Japan, Malaysia, Canada, France, Brazil, etc.
HPS has been listed on the Casablanca Stock Exchange since 2006 and now has over 300 employees based in Casablanca, Dubai, Paris, Aix-en-Provence and Miami.
Sonny Sannon is widely regarded as the pioneer of the modern card and payments industry in India and other countries in the South Asia Region. His career in Payments commenced in 1978 with American Express. In 1987, he launched MasterCard in India and contributed to its development in India, Pakistan, Nepal, Bangladesh and Sri Lanka. In 1999, Sonny Sannon was transferred to Singapore to take on the role of General Manager of South and South East Asia. In 2002, he was relocated to Dubai as the MasterCard Regional President of the SAMEA region (South Asia, Middle East and Africa).
Sannon has been a keen proponent of innovation and technology, and has led several industry firsts throughout his career. After leaving MasterCard, he has established his own consulting company, TransNet FZC, to focus on projects in the payments industry in India and other emerging markets.