Springbok Services introduces new prepaid cards for billpay

According to Banking Business Review, Springbok Services has created a new system to help companies manage their payrolls via prepaid cards. enPay prepaid payroll cards and Springbok Bill Pay are two new systems that will allow employees and users to leverage their prepaid cards to the fullest extent.

Employers can customize their enPay prepaid payroll card, distribute the enPay cards to employees, and then upload funds directly to the payroll card to pay salaries, reimburse out-of-pocket expenses, pay bonuses and commissions, or fulfill termination payments.

Read the full article here.

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Consumer Advocates Want Prepaid Card Restrictions

Kristina Peterson of WSJ/Yahoo Finance reports that new credit card legislation enacted by President Obama is not set to cover prepaid cards. Peterson reports that, "Consumer advocates want to change that. They are urging the Federal Reserve to strengthen guidelines affecting prepaid cards from companies such as Inc., Green Dot Corp., NetSpend Corp. and Inc. while the Obama administrations focus remains concentrated on regulating the credit-card and banking industries. Unlike credit cards, prepaid reloadable cards aren't covered by the federal statutes that protect credit-card holders from fraud or limit their losses when cards are lost or stolen. Though many prepaid card companies do offer some consumer protections, they do so voluntarily. "

Should more restrictions and consumer protection be placed on prepaid cards?

A Push to Regulate Prepaid Cards

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smartOne Prepaid Solutions renews contract with Metavante Corp

According to Enhanced Online News, smartOne Prepaid Solution has renewed its prepaid card processing agreement with Metavante Corp.

Scott McCormack, vice president, First National Bank of Omaha, stated:
“Metavante delivers the processing stability and scale we need to facilitate the growth of our smartOne Prepaid Solutions offerings, as well as the flexibility to quickly offer new functionality. Shared core values between our two companies are at the heart of our relationship, and those shared values allow us to quickly enhance our offerings to meet the needs of the prepaid marketplace.”

Read the full article here.

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Consumer advocates urging government to take stand on prepaid card guidelines

According to the Dow Jones Newswire, the new law recently signed by Obama does not protect prepaid card holders. Consumer advocates are encouraging the Federal Reserve to strengthen their guidelines around prepaid cards. Currently, there is nothing holding prepaid card issuers from fraud or loosing their funds. Read the full article here.

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Travelex Launches Prepaid MasterCard

According to this article in BTN Online Travelex has launched a prepaid card in conjunction with MasterCard that will allow corporations to save money and enhance controls when traveling internationally.

Travelex's Corporate Cash Passport Tool is loaded with US dollars and is accepted at ATMs and vendors that accept MasterCard products globally. Corporations can use these cards to set spending limits and budgets for its employees. This card also eliminates costs associated with currency exchange fees by reducing the amount of money that will need to be exchanged. This card has already sparked interest in big corporations like Virgin Atlantic and British Airways just to name a few.

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Prepaid Visa Card for Romanians

Maria Bruno-Britz of Banktech.com reports that Romania's Raiffeisen Bank and RevEurope are launching a prepaid Visa card that will allow users to send money domestically from their mobile phones. The Raiffeisen Bank Visa Prepaid Card is the first prepaid card issued by a bank in that country, according to a release. The card is designed for young and cash-based Romanians who are online. Customers who buy and load cash on the card can shop online, make purchases anywhere Visa debit cards are accepted, withdraw cash from ATMs worldwide and use the integrated YAP mobile service to send money domestically to friends and family, or check balances from their mobile phones with a text message.

What other prepaid cards are being offered in Eastern Europe? Have there been any case studies that attest to the success of these cards?

Let us know on Twitter.

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Surge in prepaid card sales

Convince Store Decisions looks at the current upswing in convince stores are seeing in the sales of prepaid cards. In addition to prepaid cards for calling overseas, companies have seen an increase in mobile phone cards an gift cards for fuel brands. Read the complete article here.

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Hiten Card Chooses Actress Saumya Tandon to be Brand Ambassador for Hiten Prepaid Mastercard

According to this latest press release Hiten Cards Limited have signed Saumya Tandon, host for “Dance India Dance”, to be the brand ambassador for the hiten Prepaid MasterCard® Card. Saumya Tandon is delighted to get involved with hiten as she mentions, "When I was introduced to this product I was eager to get involved,the hiten Prepaid MasterCard product allows families to share money with each other and family is very important to me.”

It will be interesting to see what other prepaid card companies will use celebrities to endorse their cards.

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Coinstar Gets Into Social Gaming; Will Sell Prepaid Game Cards For Facebook, Others

Tameka Kee of Yahoo Finance reported last week that Coinstar, well-known for its coin counting machines, will now go into the business of prepaid gaming cards. The cards will be for use in social gaming, including cards for games and apps on Facebook.

According to Kee's report, Coinstar, which recently acquired DVD-rental kiosk-maker Redbox, inked deals with game companies like WildTangent, Spare Change and Aeria Games to offer the cards; buyers will be able to use them for subscriptions and tokens on casual games sites, to buy goods in virtual worlds (and in social games on Facebook and MySpace), as well as for massively multiplayer online (MMO) games.

For more information, please visit the original Yahoo Finance article here.

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nFinanSe and Walmart Head to Head in Reloadable Prepaid Card Pricing

This article in Convenience Store News highlights how nFinanSe has lowered the price of its reloadable prepaid to $3 from $5.95, to match a change Walmart had previously announced of lowering its reloadable prepaid card to $3 from $8.94.

The goal, according to Jerry R. Welch, chairman and CEO of nFinanSe,is to encourage mass usage. It is estimated that the reloadable prepaid marketplace will double to $14 million by 2014.

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Prepay Solutions opens in Turkey

Hurriyet Daily News looks at the new company Prepay Solutions, based in Turkey, which opened to provide services to companies who want to enhance their services by offering prepaid solutions.

The company offers services in a few different areas:
-"B to C" gifting
-"B to B," referring to gifts for employees, clients or partners
- Government benefits
- Insurance claims

Read the full article here.

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Prepaid cards for green

According to the San Antonio Business Journal, SmartCard Marketing Systems Inc will issue an environmentally conscious prepaid debit card. With each sale of the prepaid card, a portion of the proceeds will go to an environmentally friendly cause.

Prepaid Card CEO Chris Ingram says
“We have identified a definite interest in our large customer base for environmental causes. We are very excited about this special sales campaign with the VelocityMoney Prepaid Card. We are partnering with several major environmental organizations on this program.”

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Futura's Mobile Text Messaging Offering Catches Wave

PRNewswire reports in this release that Futura Card Services announced that its mobile text messaging banking powered by Metavante Mobile Financial Services in fourth quarter 2008 has proved to be a strong value-add to its product suite.

Brad Golden, President of Futura, realized that text messaging is a huge form of communication in today's society, and so the company needed to offer real-time information to consumers. This offering has come into play during a crucial time, since 56 percent of consumers claim to be monitoring their finances more closely. The text messaging platform allows consumers to have instant access to their card balance and transaction history. I look forward to other prepaid providers to roll out similar programs across the board.

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