A lot of people hold the view that India needs a cash oriented payment mechanism, and that is a very large opportunity. Businessweek has an article on a prepaid cash card — some of the consumer drivers mentioned have a lot of overlap with India. For example, the card gives consumers control over spends (unlike an ATM card which exposes the full account balance.) Another key aspect is that they seem to have done a brilliant job on distribution side — the card is accepted by Visa electron, and hence has immediate reach into a vast network.
I have a feeling that a similar concept would do very well in India as well.