ShopNPay enhances prepaid cards

ShopNPay announced that it's releasing five enhanced versions of their debit cards. Each card caters specifically to certain customers needs.

One of them is a general purpose reloadable card, the second is a loan card, the third a gift card and the fourth a remittance card geared at consumers interested in receiving money from abroad. The fifth new Sterling Bank card is a classic debit card which – like the four prepaid cards in the suite – can be used for purchases at over 70.000 Visa-accepting locations in the Philippines and over 29 million worldwide.

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New Deal in Branded Prepaid Cards

Prepaid Card Holding, will now be offering a branded prepaid card with these benefits: no money loading fees, no monthly fee, no card insurance fee, and no card activation fee. It will be released through one of the company's subsidiaries as noted in this news article. Bruce Berman from Prepaid Card Holding had this to say regarding the new deal:

"Prepaid cards are in their infancy right now and a few years from now as this industry matures we will be known as the company that has always given the consumer a fair shake. I can look any of our cardholders in the eye and know we delivered them a much needed product at a fair price."

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AEIS and FiCentive Agreement

AEIS, a joint venture between American Express Travel Related Services Company Inc. and Maritz Holdings Inc., has now entered into an agreement with FiCentive as reported here. Under the agreement, FiCentive can sell consumers prepaid credit cards with the American Express logo using AEIS patented DirectSpendSM process. As the CEO of FiCentive, Louis Hoch, stated:

"The success of our customers creates success for FiCentive. That customer success is delivered by our highly flexible prepaid solutions which are focused on practical, convenient, and intelligent applications. We are very proud to partner with AEIS to be able to resell prepaid card solutions carrying the prestigious American Express brand."

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NZ Attempts To Crack Down on Crimnals

The New Zealand Herald will report tomorrow that a call to register prepaid cards to reduce criminal activity by the police has been deemed an “unnecessary intrusion into people's lives,” by Auckland Council for Civil Liberties president Barry Wilson. According to Wilson,

“this was not just a case where only criminals would have something to fear from being registered. Cellphones are lost or stolen so often, and they are also passed on or sold at garage sales on a regular basis," Mr Wilson said. "If people who end up with the phones then use it for criminal activity the original registered owner can get caught up in a police inquiry and that can be very stressful."
Mr Wilson wondered if such a register would require anyone who sells or hands a phone on to go through paperwork similar to that needed for vehicles."That would just require another level of bureaucracy, and it would be yet another intrusion on people's privacy."

What do you think of this measure to register prepaid cards suggest by NZ police?

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Payoneer Integrates with 41st Parameter to Reduce Fraud

International Business Times reports today that Payoneer, which is a leader payment solutions that help companies pay other companies worldwide by using reloadable PrepaidMasterCard cards, has integrated 41stParameter's® PCPrint into its international payment services.

PCPrint is industry’s leading tagless device that many banks use across the world in order to reduce online fraud. Payoneer already helps companies pay more efficiently, and at lower costs, but now it is looking to also quickly identify valid transactions. Fraud is a big concern for prepaid card providers, and so this integration will help better manage online transactions.

Ori Eisen, founder and chief innovation officer of 41stParameter mentions:

"Our technology helps banks Member Service Providers -- like Payoneer – as sure their banking customers that the individuals they make payments to are valid. We are proud to help simplify and protect the international payment process by providing the most effective online device IDtechnology."

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One to One Marketing Solutions Inc. Joins Forces with American Express Incentive Services

International Business Times reports that One to One Marketing Solutions Inc. has entered into a licensing agreement with American Express Incentive Services. As a result of this agreement, One to One Marketing Solutions will be able to access AEIS’s patented merchant acceptance process, DirectSpend.

One to One Marketing will use DirectSpend as part of its strategy of providng clients with customized prepaid programs. Mark Tepper, president of One to One Marketing mentions:

"One to One Marketing takes pride in a consultative and client-centricbusiness model. This philosophy guideseverything from our industry-leading product suite to our ancillaryofferings. DirectSpend is well aligned with our prepaid products andservices and will enable us to deliver innovative business opportunities toour client partners."

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Springbok to Send Personalized Messages to Prepaid Card Recipients

Thewisemarketer.com reports that Springbok Services has launched customized messaging options for its corporate clients in order to enhance the impact of its prepaid Visa and MasterCard programs.

Clients are now better able to communicate with card recipients in a variety of ways to personalize their experience. Clients can send web messages, phone messaging, or using interactive Voice Response Technology. Messages can be sent when card recipients reload their cards or simply when they check their card activity.

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Smartcard Marketing Systems is Leading in Online Prepaid Cards

Wired.PRNews.com reports that Smartcard Marketing Systems Inc. had announced that its Prepaid Card Loading, Pin Debit, and Payment processing volume has increased in triple digits to $367,000 for the month of September 2008. Its gain in card loading and payment processing specifically in August has grown up to 10 times larger than last year’s August total and 22.6% greater than last month’s total.

President Bruce Baillio mentions:

“This striking growth is the result of continuing to fill our backlog of prepaid card orders and the launch of our VelocityMoney.com Online Bill Pay service both in Canada and the US.”

It will be interesting to see if this growth in prepaid cards will continue throughout the current economic situation.

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NETELLER Launches Net+™ Virtual Prepaid Card by MasterCard

The online wire reports today that NETELLER, the leading provider of online payments, as announced that it will provide its e-wallet customers with the NET+TM cards. This is possible through its partnership with TransSend Payment Services.

The Net+TM Prepaid MasterCard will allow consumers to access their funds at ATMs and points-of-sale. The card will be usable in over 27 million locations including 1.9 million ATMs. David Gagie, the President of the NETELLER Group’s Member Services division mentions:

"The launch of the Net+TM prepaid cards will provide our consumers with a more convenient and cost-effective way to withdraw cash and make purchases using the funds in their e-wallets. This launch is a key part of the Group’s strategy to bring new customers to the NETELLER e-wallet and to extend the lifetime value of existing customers."

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The Citi Thank You Network Releases Prepaid Card Rewards

The ePaymentsnews Network reports that Citi’s Thank You Network has made arrangements with Citi Prepaid Services to launch a new prepaid rewards option for Thank You Network members.

Nancy Gordon, the executive vice president of Citi Thank You Network has revealed that with the new prepaid cards Thank You members can redeem their prepaid card rewards wherever they want. The rewards collection includes gift cards, cash, booking eligible travel on Expedia.com, charitable donations and customized rewards through the ‚Your Wish Fulfilled’ program. The prepaid cards can be used anywhere Visa is accepted, and the cards will be available in three denominations, $25, $50, and $100.

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UK Prepaid card survey results

In a recent study released about the usage of prepaid cards in the UK, they show that 60% of all customers had bought a prepaid card for another person within the last 12 months as well as 30% of consumers had bought a prepaid within the last six months. Of those who received prepaid cards, 50% were willing to reload their card. Read more about the study here.

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SVM has new gift card program

SVM has announced a new gift card program. They've teamed up with Soldiers Angels for "Tank Support". This program distributes gasoline gift cards to soldiers who have served overseas. Citizens can purchase them online and then the gift cards are distributed to soldiers with the names of the citizen and a personalized letter. Read more about it here at Manage Smarter.

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Better ATM Services expands

Better ATM Services is looking to spread their current prepaid card business beyond prepaid cards for local business. They're going to start distributing Amazon.com prepaid cards through local ATMs, starting with 24 throughout the area. These 24 stations will also provide complementary Restaurant.com gift cards when purchased through ATMs.

"We bring the prepaid card world, which has been booming,and the ATM world, which is looking for new revenues and new services, together," said Todd Nuttall, who is ATM Services' chief executive. Read here for more information.

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Prepaid cards for education

Ashbrook High School of Gastonia, North Carolina was recently announced as the winner of the contest Flash Fiesta Promotion sponsored by Pexagon. Read more here.

Brian Campbell, President of Pexagon Technology, Inc. had this to say about the prepaid card promotion:
"Pexagon's Prepaid Flash Drive Cards were invented by schools, for schools. Hundreds of schools buy these redemption cards at a discount, for example $10 for a 1GB card, and sell to students and the school community for $15 or $20,keeping the difference for their fundraising programs. We are really pleased to see these personalized USB Flash Drivesput to such a good use."

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State of Kansas Saves Money with Prepaid Cards

In a move that is projected to save the state of Kansas, $300,000, they will no longer be mailing unemployment checks, and instead they will be using debit cards. The Kansas Department of Labor (KDOL) will be electronically be depositing money into accounts on a weekly basis, based on claimant eligibility. Jim Garner, KDOL Secretary, released this statement as reported here:

"We are catching up with how most folks do their daily financial activities, and this allows us to provide better and more efficient customer service. Benefits payments will now be delivered faster and in a convenient, secure and economical way."

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Are Prepaid Cards Useful?

While many are discussing the benefits of Prepaid Cards, this article plays devil's advocates and questions the usefulness of this latest in from the Credit Card Industry. Many tout the main benefit being to the underbanked, college students, and for those who wish to have a secure way to avoid racking up debt. As this author points out, however,

It's just like a regular debit card, except that it isn't hooked up to a checking account. You have to transfer money to it from a bank account, and there are hefty fees for activating the card, withdrawing money from ATMs and, get this, not using the card regularly. Fraud protection tends to be limited and, unlike a credit card, you can't establish a credit history to help qualify for better rates on student loans or a mortgage.

What are your thoughts? Do you see the prepaid card industry as a benefit to consumers, or not and why?

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MSNBC: Fraud Plagues Prepaid Cards Market

According to this article, growing numbers of individuals are reporting fraud with regard to their prepaid cards. Users of prepaid calling cards seem to bear the brunt of the problem; reporting outrageous fees for calling from payphones, calling to mobile phones or calling out of the country. The most distressing information on this problem is that

many prepaid calling card companies advertise in Spanish, but provide disclosures of card terms and conditions in English only — if at all.

So what is to become of this prepaid calling market? Your thoughts?

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Web Based Business Prepaid Payment Solutions

As our previous post mentions, many employers are turning to prepaid cards as an alternative for paying employees. Now, Payoneer is offering Web based businesses a way to pay individuals worldwide using a "direct to co-branded prepaid MasterCard", as stated on their webpage. This is a win win situation since it provides cost savings to organizations, while allowing employees access to funds without the hassle that often accompanies having a bank account.

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ATM's Giving out Gift Cards

Better ATM Services, Automated Cash Management Systems, and APTUs Financial, have all reached an agreement to allow consumers to purchase Amazon Gift Cards at 'technology enabled ATM's' for this years holiday season. This is new to the Gift Card Industry, which represents the largest segment of Prepaid Cards. As reported here, around $80 billion was spent on gift cards in 2006, according to a report by The Tower Group. It will be interesting to see if this new venture will reverbrate around the retail industry and have an impact of increasing the number of Gift Cards bought this year for the Holidays.

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Visa’s ReadyLink Prepaid Card Network: An Opportunity for Financial Institutions

Recently, we’ve posted about how Visa is looking to expand its Visa ReadyLink prepaid card reload network to ATMs that accepts deposits without envelopes. Currently, prepaid cards are generally reloaded through direct deposit programs or through merchants that accept cash and then credit the amount to the prepaid card.

This program is particularly interesting because of the amount of unbanked people that financial institutions can attract. Cardholders would simply swipe their card, and then the cash that they want upload. After a few simple prompts, consumers would receive a receipt stating the updating value on the card. As with regular ATMs, consumers would pay an interchange fee in which Visa would get its standard network fee from. ATM owners would also set their own pricing for the consumer. It will be interesting to see the amount of customers banks will be able to convert from Visa’s reload network.

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Community Bank Products to Use Metavante’s Prepaid Card Processing Services

Finextra.com reports that Community Bank Products has aligned with Metavante, which is a leading provider of banking and payments technology, for prepaid card processing.

John Focht, division president, Metavante Issuing Solutions mentions:

"With Metavante, virtually nothing changed for Community Bank Products and its resellers. The cards already distributed are still valid. The reseller banks can continue selling existing cards. They use the same logon screens, the same IDs, the same basic procedures. Minimizing impact on the reseller banks supported by Community Bank Products - that's what Metavante's conversion expertise and relationship team delivered throughout the process."

Community Bank Products will roll out with two new prepaid products in 2010: payroll cards and general purpose re-loadable cards. Both of these cards will have the Visa brand and will complement existing Visa TravelMoney cards and gift cards offered through Community Bank Products. Metavante will also provide customer service and fraud prevention solutions in addition to prepaid card processing, card production and delivery, and account management.

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Gift Card Sales are Expected to Drop During the Holiday Season

This post on the ePaymentsnews Network mentions that because of the current economic situation across the US, consumers will spend less money (about USD 25 billion) on gift cards.

Instead, consumers will spend money on necessities such as gas, dining, and groceries. Restaurants and fast food chains are expected to sell the most gift cards this holiday season. Teenagers and post-college consumers are expected to give gift card purchases a boost since many gift card retailers offer coupons and discounts for the purchaser.

The study information is provided Archstone Consulting.

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