Next in the Regulatory Summit today we discussed The Fate of Payroll Cards: Restrictions and Regulations Across the US with the following panel:
David Newville, Senior Policy Analyst, CENTER FOR FINANCIAL SERVICES
Cathy Beyda, Of Counsel, PAUL HASTINGS LLC
Richard Santoro, VP Government Affairs, MASTERCARD
Nizam Antoo, VP Product Integration, ADP
Almost every state offers a choice between payroll cards and direct deposit. Paperless paychecks benefit both employers and employees.
2011 observations:
- Payroll card legislation has been mostly quiet
- Durbin: Has not really affected availability of Payroll Cards
- Prepaid Access Rule: Banks and program admin want access to employee I-9 files
There has not been a lot of innovation in this space: Payroll & Direct Deposit. What's next?
Who will take it further (mobile) and still be compliant? Payroll cards need to catch up to the rest of Prepaid.
Stickiness: How do you get someone to use the card beyond 6-8 months?
There is a void of understanding when it comes to Payroll Cards even from policy makers - people mistake Payroll Cards for Gift Cards.
The opportunity is here to go beyond what we have now and step up, to define success, and to challenge the consumer mistrust that exist.
Valerie M. Russo is a Senior Social Media Strategist at IIR USA with a technology, anthropology, marketing and publishing business acumen. She will be attending Prepaid Expo USA 2012 and covering the event live via Twitter and the Prepaid Expo Blog. She is a published poet and also maintains a literary blog. She may be reached atvrusso@iirusa.com. Follow her @Literanista.
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