Wednesday, July 25, 2012

The Growth of Prepaid, The Decline of Cash

A world without
Cash (Photo:
cash is something that is hard to imagine, perhaps, we won’t see it in our lifetime. Granted, it may well happen but not in the next few years. However, there is already an evolution going on in regards of how consumers to pay for items. Credit cards and debit cards are the go-to options when paying for transactions in stores, restaurants, and even in the subway. Some may have even gone so far as to not carry cash around at all anymore. All they have is something that’s plastic in their back pocket. Chicago resident Louise Collis has taken this to heart, leaving behind cash and only using her cards. But she is not alone. 

There are times where you may find yourself going weeks, months, maybe even a year without even using cash. The usage of cards, now, is based upon the economy. Cash is still in high use because of the current recession from which we are recovering. But as the economy improves, the usage of credit cards will also increase. There are stores now that only accept cards or gift cards. After consumer complaints, commerce has listened. Many stores, offer consumers the opportunity to buy gift cards with cash and then use the gift cards to purchase items in-store or elsewhere. Consumers get the best of both worlds, this way - no bank account or credit needed.

The exchange of debit, and credit cards for cash currency happens all the time between people in more affluent societies.  But there are many stores that are not rushing at the chance to cater solely to them. WalMart is giving customers the opportunity to pay for items online with cash. 

It's not just stores either. From Japan to the United States to Mexico, people are using paper currency less. Whether it's transit or payroll, tax returns or remittances, many more people are using pre-loaded cards or apps for transactions without cash money ever coming into play.

Though I believe this country is far from removing cash all together, Sweden has become a cashless society where churches, yes, churches, accept your cards now instead of paper money. Could the U.S. possibly live in a society like that? Absolutely, but to believe that this will happen a year, ten or twenty years down the line, may be a bit of a stretch. It is an interesting notion to think about and that will be explored further. 

About the Author

Adam Wells studies English at Pace University and can be reached at 

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Wednesday, July 18, 2012

Welcome to the 25 prepaid facts blog series

English: 'I'm Lovin It' — HM1(FMF) Fred Turner...
 I'm Lovin It' — HM1(FMF) Fred Turner swipes his gift card in McDonald's new card machine, April 4. The new machine now allows customers to use debit, credit or gift cards to purchase food. (Photo: Wikipedia)
For the next several weeks, there will be a series of informative blog posts on the fascinating but evolving world of prepaid cards. Each post written will be an extension of a previous blog post: The “25 intriguing thingsyou should know about prepaid cards” post offered insightful information pertaining to the growing usage of prepaid cards. In the post, the facts included the abundance amount of money being filled on the prepaid cards, the high volume usage between the different incomes and the new way to pay for items.

With this new series, I will be able to go a little deeper into those fun facts and  offer some insights. The topics will be filled with variety with the hope that they will cause you to think about our changing world. The posts will make you wonder what it would be like if cash was virtually nonexistent (like the penny). Others will make you think how it would to interact with one another only using your debt or credit card. By interaction, I mean the idea of owing someone money and cash is not available, you may use your card. And imagine that only your phone would be used when purchasing items. These are just a few teasers for what is to come.

Prepaid is an ever expanding industry and the ideas mentioned before could be very possible for in the next few years to come. Granted, the extinction of cash is highly unlikely to happen in our lifetime (or is it?), however, stores using only gift cards and meters allowing people to use their cards instead of putting coins are already a reality. Most people now only carry their cards; they simply do not carry cash on them, they rather just use their card. Soon we all will wake up one day and things that seem so abstract to most people will become reality.

And, this is what the series will be about. So over the next few weeks I invite you, the reader, to be intrigued by the posts provided and imagine the way the world will be changing and the way the prepaid cards space is converging with other industries..

About the Author

Adam Wells studies English at Pace University and can be reached at 

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Wednesday, July 11, 2012

Introducing the Prepaid Expo Executive Report Series (PEERS)

We would like to introduce you to the Prepaid Expo Executive Report Series (PEERS). PEERS is a series of summary briefs for prepaid business executives focused on key developments and topical hot spots driving prepaid industry change.

Content is based on – but not restricted to – presentations, panels and subject matter covered in the Prepaid Expo global event portfolio. Additional perspectives and insights are provided through exclusive interviews and research with prepaid industry leaders and experts.

The first issue of PEERS focuses on Regulation. It covers key regulatory developments and provides analysis from experts on topics including:

Dodd-Frank Fallout
Durban: Certainties and Uncertainties
Reg. E Extension Implications
Fraud Facts and Fundamentals
PLUS: a Special Feature Interview on Mobile and Emerging Payment Regulation
To receive Issue 1, click here and complete your contact details. The report will then be sent to you as a PDF via email*. 

PEERS is produced by Prepaid Expo, the world’s largest and most authoritative conference and exposition dedicated to creating business opportunities for closed- and open-loop prepaid professionals and their partners worldwide. To learn more about Prepaid Expo 2013 and how you can get involved, visit

* Thank you for visiting the Prepaid Expo Blog: To receive 10%  off the prevailing rate when you register for Prepaid Expo 2013, mention VIP Code: XU2648BLOG10.

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