Tuesday, March 4, 2014

Live From All Payments Expo & FinTech Partnerships - Afternoon of Day 2

This afternoon we had a lively panel discussion - Transparency in Electronic Payroll: A Meeting of the Minds

Lauren Saunders - National Consumer Law Center 

Jacob DuMez - Curren C SF 
Cathy Beyda - Paul Hastings LLP 
Mark Putman - First Data Prepaid Solutions 
Anthony Peculic - ADP 
Nora Arpin - Comerica Bank 
Linda Pappillion - PacSun

Amy DeBerg - R&P Group

Key Take Aways:

70% of low income households receive their pay by cash or check.

70% of high income households receive their pay by direct deposits.

First Data's average balance two days after pay is $138 - up from $30 when they first hit the market.

User retention has gone way up amongst all paycard issuers.

Educate is still needed about the lack of risk associated with paycards.

Every single employee at PacSun is given paycards.

When rolling out a paycard program - communication is key. There is no such thing as over communication.

Paycards give you a look into financial eductation - see spending habits.

Thank you to the outstanding panel and stay tuned for more live recaps from All Payments Expo & FinTech Partnerships

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