Thursday, February 25, 2010

Clinton Praises Prepaid at Expo

Former U.S. President Bill Clinton held up prepaid as an example of the technology available that can help solve some of the nation’s thorniest problems during his keynote address at Prepaid Expo USA in Las Vegas yesterday. “The world is too unequal, too unstable and too unsustainable. The great test for the United States is whether we can find profitable ways to answer the ‘how’ question. Can we find solutions that reduce inequality, instability and unsustainability?” Clinton offered up prepaid as a way to address some of the profound problems facing the country today, calling the industry “key” to helping mitigate those problems. Clinton suggested six ways prepaid could help. He said prepaid could “bridge the gap between the cash economy and the mainstream.” He noted the rise of prepaid in government programs, especially the Direct Express program for receiving Social Security benefits on a prepaid card, calling them a “safer, cheaper and more convenient way to do your business,” that cuts down on overhead for government. Clinton called out other prepaid programs that give teens tools to enhance their financial literacy, make remittances available to immigrants sending money home and, with the devastation in Haiti weighing heavily on his thoughts, a convenient way to provide disaster victims aid. “The Red Cross was able to save $7 million, even before Hurricane Katrina, by replacing the paper process with prepaid cards.” Clinton spoke to 1,700 attendees at the industry’s largest conference just 10 days after having two stents implanted to restore blood flow to a clogged artery.

Used with permission from Paybefore.

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1 comment:

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