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Not so transparent prepaid cards

Not so transparent prepaid cards

The growth of prepaid cards in the payments industry has been quite significant. Prepaid cards are used mostly to shop, pay bills, pay salaries and draw cash from ATM’s. Some of the ways to classify best and worst prepaid cards is by looking at factors such as transparency of fees, value the card offers to its user, safety, convenience etc.

Insights

Prepaid Cards Finally Get Fraud Protection

Prepaid Cards Finally Get Fraud Protection

We knew this was coming when the Federal Reserve issued guidance applying the Customer Identification Program (CIP) to prepaid cards in March of this year. Customers are able to reload prepaid cards, use direct deposit and in some cases, receive overdraft protection, which the federal agency determined enough for it to be considered an account relationship. And now that reloadable prepaid cards are considered an account relationship, it’s not surprising that the Consumer Financial Protection Bureau recently issued new rules requiring fraud protection support for those using them.

Insights

How Prepaid Travel Cards make a great use case!

How Prepaid Travel Cards make a great use case!

Prepaid card market in India is expected to grow at a CAGR of around 40% during 2012-2017. Around 17 to 20 per cent of the prepaid cards are accounted by travel cards in India as estimated by Knowledgefaber.

Insights

Ingo Money, Mobile Remote Deposit Network for Prepaid Cards

Ingo Money, Mobile Remote Deposit Network for Prepaid Cards

Ingo Money surveyed its customers to determine what they wanted most from their check payment system and in response developed the following solutions: faster money transfer, a streamlined approach to reduce the number of steps, the ability to load money onto cards for portability.

Insights

UK Prepaid Cards Market: A Four-Page Quick Summary

UK Prepaid Cards Market: A Four-Page Quick Summary (Open Access Content)

The UK is one of Europe's and the world's largest payment card markets, sharing similarities with the United States such as high credit card and banking service penetration. The  commercial prepaid segment is projected to grow at a 24% CAGR in the period 2015-2019. The report highlights the current prepaid cards market in UK, market size, market growth potential, popular players in UK's prepaid card industry and latest consumer and technology trends.

Proprietary Research

Obtain Bitcoins Instantly via Virtual and Physical Prepaid Bitcoin Cards

Obtain Bitcoins Instantly via Virtual and Physical Prepaid Bitcoin Cards

The market leader in Prepaid Bitcoin cards www.prepaidbitco.in and the pioneer behind the world’s first Bitcoin Rewards Program www.bitcoinrewards.co, Prepaid Bitcoin, has spent the last several months providing physical cards to happy customers around the world. People now use Prepaid Bitcoin cards to gift bitcoin to friends and family and as a tool to introduce cryptocurrencies to new users.

Insights

How fraud prone are prepaid debit cards?

How fraud prone are prepaid debit cards?

Use of prepaid debit cards is at an all time high. People are using prepaid debit cards for issuing gift certificates to handing out money for disaster relief. By the end of 2013, money placed on to reloadable cards is expected to reach $209.1 Billion. Back in 2009, the reported numbers on prepaid debit cards were $28.6 Billion, according to Mercator Advisory Group.  Increase in usage of prepaid debit cards also means it is vulnerable to being hacked.

Insights

Prepaid Cards: A New Way for Millennials to Get Paid

Prepaid Cards: A New Way for Millennials to Get Paid

Believe it or not, tech-savvy millennials are ditching smartphone apps and mobile wallets in favor of a longstanding payment method – prepaid cards. Once thought of as an option used only by the underbanked, prepaid cards are drawing serious interest from millennials. In fact, one in three Americans ages 18 to 34 have used a prepaid debit card and 60% would consider using one.

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India and the story of Prepaid cards so far…

India and the story of Prepaid cards so far…

India with more than 40% unbanked population and another big chunk of under-banked population would theoretically present a great opportunity for Prepaid cards. Its a strategist dream to launch a prepaid cash card to enable them make all types of modern payment transactions. But is that really the case on the ground? Since the prepaid cards have been around for a while lets see what is happening.

Insights

Prepaid Cards Poised to Hit $200 Bn in Merchant Sales

Prepaid Cards Poised to Hit $200 Bn in Merchant Sales

Prepaid cards play a big and growing role in mainstream retail operations. In 2014, purchases made via prepaid cards are expected to surpass $200 billion, or 5% of the total retail spending in the entire U.S. The prepaid-card market is growing, and with it comes growth in the diversified use of such cards.

Insights

Top 12 Prepaid Debit Cards Available in Europe for Hassle-Free and Secure Cross-Border Use

Top 12 Prepaid Debit Cards Available in Europe for Hassle-Free and Secure Cross-Border Use

Prepaid cards are payment cards with a value stored on the card itself unlike debit cards, where an external account is maintained by a financial institution, or credit cards, which are subject to the credit limits set by the issuer. One of the important benefits that prepaid cards provide is the segmentation of the spending by consumers for categories such as travel, online shopping, m-commerce, etc.

Insights

Arroweye Solutions to Provide Digital On-Demand EMV Prepaid Cards for The Card Collaborative International

Arroweye Solutions to Provide Digital On-Demand EMV Prepaid Cards for The Card Collaborative International

Arroweye Solutions, the only digital On-Demand payment technology firm, has been selected to provide EMV prepaid cards for The Card Collaborative International (TCCI). The flexibility of Arroweye’s Digital On-Demand model allows for better responsiveness to customer needs, and ensures that TCCI can better serve its clients, and slash lead times by putting cards in customers’ hands in days, not weeks.

Insights

Not so safe prepaid debit cards – Case of Walmart’s MoneyCards

Not so safe prepaid debit cards – Case of Walmart’s MoneyCards

Prepaid debit cards have gained in popularity and usage. By the end of 2013, money placed on to reloadable cards is expected to reach $209.1 Bn.  According to consumeraffairs.com there is a big issue as Walmart prepaid MoneyCards were hacked in early September, 2013. The money was transferred or was used to buy goods and services by unauthorized member/s.

Insights

Top 17 Prepaid Cards Available in the US, Their USPs

Top 17 Prepaid Cards Available in the US, Their USPs

There are a lot of prepaid cards in the market today. Consumers may get totally confused as to which would be the best option for them. We at Lets Talk Payments have profiled 22 prepaid cards in the U.S that consumers can utilize to make payments, withdraw cash, transfer money, recharge etc.

Insights

Gift Cards India

Gift Cards India

Gift Cards India, is a production of SocialLinked Digital Commerce, which was founded in 2010 and also operates Power Stores, a SaaS service provider based out of Goa.

FinTech Startups

Prepaid Financial Services (PFS)

Prepaid Financial Services (PFS)

Prepaid Financial Services Ltd. (PFS) provides prepaid card solutions to consumers and businesses.

FinTech Startups

Celebrities and card companies aim to encash prepaid cards, worth over $113 Billion in market size

Celebrities and card companies aim to encash prepaid cards, worth over $113 Billion in market size

The amount of money loaded onto prepaid cards more than doubled, rising to over $113 Bn from $57 Bn in 2009, according to Mercator Advisory Group. With increasing competition, the star power of celebrities such as Suze Orman and Justin Bieber has become key for companies to get their prepaid cards in the media.

Insights

India Prepaid & Gift Cards Market Analysis

India Prepaid & Gift Cards Market Analysis (Research Report)

The Indian economy is still largely cash-based and more than 40% of people are unbanked. But driven by consumer demand, there will be demand for prepaid cards by the relatively young populace; the CAGR Is predicted to be around 35%. The prepaid card market in India is pegged at $19 billion (2015) and expected to reach $85 billion by the end of 2020 with a CAGR of around 35%. Convenience (not carrying cash) is the most cited reason by consumers for purchasing a prepaid card.

Proprietary Research

15 Virtual Prepaid Debit Cards That Might Be Useful for the Holiday Season

15 Virtual Prepaid Debit Cards That Might Be Useful for the Holiday Season

Prepaid cards are payment cards with a stored value on the card itself unlike debit cards, where an external account is maintained by a financial institution or credit cards, which are subject to the credit limits set by the issuer.

Insights

Can we buy health insurance through prepaid cards in US? New IRS rules say YES

Can we buy health insurance through prepaid cards in US? New IRS rules say YES

The IRS (Internal Revenue Service) issued a rule on 28th august 2013, that will allow individuals without traditional banking accounts to acquire health insurance. The rule requires insurance companies to accept payment via prepaid debit card, paper checks, cashier checks or money orders from households which do not have traditional bank accounts. There are an estimated 8.5 million Americans without health coverage according to this new rule health plans will no longer have to accept cash. This means that the 8.5 Mn Americans will have difficulty buying health insurance from October 1st, 2013 unless they switch to buying insurance through prepaid cards or other traditional banking channels except paying through cash.

Insights

RBI finally allows withdrawal of 1,000 a day from PoS through prepaid cards

RBI finally allows withdrawal of 1,000 a day from PoS through prepaid cards

Back in 2009, RBI had permitted using cash withdrawals from PoS through debit cards to enhance customer convenience. On the same lines, RBI passed an announcement yesterday which allows users to withdraw cash up to INR 1,000 a day through bank regulated prepaid cards. This is of great significance as the prepaid card industry, players and its bodies like PCI (arm of IAMAI) have been asking for it. It is also important to note that with just 80,000 ATMs and around 610,000 PoS terminals in the country, it allows for greater availability and financial inclusion.

Insights

Would prepaid replace credit cards? Case of Marqeta, a Facebook backed startup

Would prepaid replace credit cards? Case of Marqeta, a Facebook backed startup

The success of Square, Dwolla and Starbuck’s mobile app has led to new startups trying to tap the potential areas in the payments industry. Marqueta, a startup based out of Emeryville, California claims to offer a money card that gives customers the ability to make money for the things they buy every day and enables merchants to capture repeat business.

Insights

US Prepaid & Gift Cards Market: A Five-Page Quick Summary

US Prepaid & Gift Cards Market: A Five-Page Quick Summary (Open Access Content)

Prepaid card growth in the US has been fueled by multiple factors like providing electronic payments to those outside the banking system, serving as a cost-effective alternative to cash and checks for both businesses and governments. Gift cards are also prepaid cards but are differentiated in its purchase and usage. The report gives the prepaid cards & gift cards industry overview, it talks about the key players in the market, latest technology, consumer and market trends and government regulations.

Proprietary Research

Over $1252 Mn Spent via Credit, Debit and Prepaid Visa Cards in 2013 by Visitors to Ireland

Over $1252 Mn Spent via Credit, Debit and Prepaid Visa Cards in 2013 by Visitors to Ireland

Tourists to Ireland spent more than $1252 Mn via credit, debit and prepaid Visa cards during 2013, according to a report from Visa Europe. This figure is up 20% from 2012, with Indonesians spending more per transaction than any other nationality, at an average of $236.71.

Insights

Top 20 Virtual and Plastic Prepaid Debit Cards for Hassle-Free Travel, Shopping, and Secure International Use

Top 20 Virtual and Plastic Prepaid Debit Cards for Hassle-Free Travel, Shopping, and Secure International Use

Prepaid cards are payment cards with a value stored on the card itself, unlike debit cards where an external account is maintained by a financial institution, or credit cards, which are subject to the credit limits set by the issuer. One of the important benefits that prepaid cards provide is the segmentation of the spending by consumers for categories such as travel, online shopping, m-commerce, etc.

Insights

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