SECTION 1 -

a source of new opportunities. New Services’ track record in this market, with average annual growth
of almost 7% since 2005, shows this dynamic growth potential.
In Brazil, for example, the Group estimates the potential market for meal vouchers at 30
million employees (with potential market defined as the number of (private sector employees
(excluding the informal economy) eligible for meal vouchers who do not receive meal vouchers or
access to a company cafeteria)). The breakdown of this potential market (the number of employees
who receive meal vouchers compared to the number of employees who do not benefit from any kind
of meal solution) according to the size of the business, are given in the chart below.
Users
(in millions)
96%
13.7
69%
5.7
0.6
1.8
0-99 employees 100 - 499 employees > 500 employees
Company size
1.10.2 The performance products market
1.10.2.1 A solid position
44
New Services and Competitors
Total potential users
New Services is a leading player in the market for performance products. The Group
operates worldwide in the expense management and incentives and rewards markets.
Competition is intense in the market for new prepaid services. Competitors include
specialists in prepaid solutions (Visa Vale, Posteitaliane, Tebca and Citi Prepaid Services), as well as
companies targeting specific areas, such as retail banks in the card issue segment (Wells Fargo and
Santander), payment processing companies (First Data) that process and authorize transactions,
program managers (Tuxedo and Greendot) and distributors (Blackhawk).
1.10.2.2 Current size of target market
In 2009, the size of the targeted performance products market for businesses (B2B) was
approximately €87 billion, 25 based on issue volume. New Services is targeting primarily Europe, Latin
America and Rest of World, which are estimated to represent €44 billion of this amount.
New Services’ target market can be broken down by issue volume as follows 26 :
(in billions of
euros)
B2B Gift Cards Expense Management Insurance UUB and other Total
Europe 3 4 1 6 14
North America 19 7 2 15 43
Latin America 1 4 0 12 17
Rest of World 7 4 0 2 13
Total 30 19 3 35 87
25 Source: PSE Study (2008), Mercator (2008), Group estimates.
26 Source: PSE Study (2008), Mercator (2008), Group estimates.
21%
8.5
10.7