Monday, May 4, 2009

Latin Prepaid Cards: Silver Lining?

Anabel Pérez, CEO of NovoPayment, recently wrote an article on Latin Prepaid Cards in the Latin Business Chronicle. Here is an excerpt on her thoughts with regard to prepaid cards offering a silver lining for the global economy.

Prepaid card programs today use the existing payment infrastructure to extend basic – and in some cases, advanced – financial/transactional tools to the base of our population without requiring an underlying bank account. By 2015, the potential number of unbanked Latin Americans with the means and access to take advantage of prepaid general-purpose cards could surpass the 300-million mark, which would represent an estimated purchasing power of more than $200 billion per year. By providing unbanked consumers with new financial options through branded prepaid cards, these enormous sums of cash will be moved from under mattresses into banks’ coffers, reducing acquisition costs and bolstering critical sectors of the economy -- and filling key gaps in economic data.

Do you think that Latin prepaid cards will "fill in the gaps" needed to ignite the global economy? We'd like to here your thoughts.

Be sure to read Anabel Pérez's original article, Latin Prepaid Cards: Silver Lining?

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