According to Virtual Worlds News, Zynga is teaming up with InComm and will be providing virtual prepaid cards for their suite of online games. Prepaid cards are already available at retail locations including 7-11, Best Buy, Target and others. Zynga produces virtual games including Farmville, Mafia Wars and YoVille. Read the full article here.
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With the use of prepaid cards growing 22% a year over the next three years, Visa and MasterCard are both expected to grow their profitability. Much of this is accredited to the wide use of the cards. It is believed that by 2012, $526 billion will be loaded on to prepaid cards. Read the full article here.
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GetDebit reports that several prepaid debit card issuers and processors have committed to a new feature that will take recurring monthly payments made on their billpay platform, and report them to the three major bureaus, Equifax, TransUnion and Experian.
The recurring monthly payments (anything with a regular monthly billing cycle, such as rent, car insurance, cell phone bill, utility payments, etc.) are reported as trade lines on each of the three bureaus.
Learn more: It’s Coming: a True Credit Builder for Prepaid Debit Cards
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We're pleased to announce that Atlantic Zeiser, a German payment card personalization provider, will present its new drop on demand printing technology at the PrePaid Expo in Las Vegas later this month.
Prepaid Expo Event
February 22-24, 2010
Las Vegas
Brochure Download
Register Today
According to Atlantic Zeiser, its new two-sided drop on demand CARDLINE VERSA solution enables increased prepaid card volumes and lower card costs, eliminating the need for expensive and time consuming embossing or thermal applications.
Learn more: Atlantic Zeiser to present new card printing tech
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This post in Fair Investment highlights how choosing the right type of prepaid card for the Holidays can help consumers avoid a mountain of charges. Instead of using credit cards, consumers should use prepaid cards to make it easier to budget holiday spending. Prepaid cards can be used worldwide just like any credit card.
Peter Harrison, moneysupermarket's travel money expert recently mentioned:
"Prepaid currency cards are great for budgeting as consumers can only spend up to the value of funds that they load onto their card. Another advantage is that if lost, customers can have their card replaced, usually for a fee of around £10, with all the funds in tact."
Do you think consumers will end up using prepaid cards more than credit cards this holiday season?
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DigitalTransactions.net sees a "sunny" forecast for prepaid cards as we continue with the tough economic climate. Says the article, "...But prepaid cards remain the one bright spot, according to a new market analysis from Mercator Advisory Group Inc. Maynard, Mass.-based Mercator’s latest annual forecast, for 2009-12, predicts that combined load volume on closed-loop and general-purpose, or open-loop, prepaid cards will hit $525.8 billion in 2012, up 112% from $247.6 billion last year."
For a more in-depth analysis of this forecast, please visit the original article.
The Latest Forecast Is Especially Sunny for Prepaid Cards
Do you think that Prepaid cards are set to flourish? What other factors may be contributing to the success of prepaid cards?
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The Consumerist writes today about the hidden cost of prepaid debit cards and the impact that these fees are having on the U.S. economy. Editor Ben Popken writes, with credit cards harder to come by and more annoying to use, the prepaid debit card market is projected to explode from $8.7 billion loaded on the cards to $119 billion in 2012, but a good chunk of that is going to be eaten up by hidden fees and gotchas. Popken gives a brief run-down on some normal costs.
$1.75 for each ATM withdrawal
$1 for each ATM balance inquiry
$.50 for each purchase
$4 monthly maintenance charge
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Moneyhighstreet.com reports today that research by FairFx.com, who supply foreign exchange currency cards, shows that travellers who buy their foreign currency at airports could pay significantly more than if they had planned ahead and ordered their cash online. Stephen Heath, Chief Executive of FairFX.com, said:“By preparing in advance and buying your currency online instead of using costly debit or credit cards for foreign spending, travellers will be able to get the most bang for their buck this half term.”
We see that these prepaid cards are big within the European market. Will money exchange prepaid cards take off in North America?
Holiday money is 14 percent cheaper when bought online
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In a recent research report done by the New York Times, they criticize the prepaid banking industry for continually charging their customers with fees on money they've earned. This documentary takes a special look at how hard it is to find out exactly what the fees are when one is considering a prepaid card. How can the prepaid banking industry more effectively communicate with potential customers about the way the prepaid banking card works?
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In an article at the New York Times recently, Andrew Martin looks at the current effects prepaid cards are having on the banking industry. The industry has really expanded over the past decade, and is a way for those who can't bank in the United States, which may be up to 80 million Americans. The article points out that once many customer easily obtain these cards, they are faced with many fees that may have been written in the small print. The fees begin at activation, and continue often through every deposit and withdraw, to every customer service call and monthly feeds from the card.
Congress has yet to examine the rules and regulations with these cards, and many consumer advocate groups are calling out against the numerous fees that often go unnoticed by the consumers until they add up to great amounts of the original deposit. Many companies are beginning to pay their consumers with prepaid cards if they don't have direct deposit, which also brings up some questions as to whether this is fair for consumers. With the introduction of WalMart's MoneyCard, which follows through on low fees for the consumer, fees are falling throughout the industry.
Prepaid cards may be the only choice for some of the users, as they have no real way to open a bank account and receive their income other than to preload it on this card. It can also be used as an option for money management. But now that consumers are calling for protection from the industry, how do you think this will evolve and change the industry? I think WalMart's new card, which does reduce the number of fees, will have an effect on the industry, but it is only a matter of time before Congress looks at the cards and begins to regulate them.
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Armen Hareyan has an interesting article about how the use of prepaid cards is going up as many of America's credit scores are going up. Prepaid cards offer their users a safe way to use credit cards, can teach teens about managing money responsibly, and don't affect credit scores and reports.
After the current recession is over, do you think prepaid cards will continue their rise in popularity? Now that Americans have had a reality check in credit, when the economy returns to a state that allows for more spending, will we see an increase in Americans who turn to prepaid cards as an increased avenue of spending?
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Erica Sandberg of Creditcards.com reports that many businesses -- from office supply stores to wireless companies -- are switching to prepaid cards, and the reasons are multifold. One is the likelihood of boosted sales. According to rebate analyst Hal Stinchfield, CEO of Promotional Marketing Insights, a well-featured rebate card can result in "double-digit or sometimes triple-digit sales growth during the promotion period."
Has your company seen an increased growth in prepaid cards as rebates? We'd like to hear your thoughts.
Prepaid cards replace checks as rebate payment of choice
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Sara Huffman of ConsumerAffairs.com decided to do an experiment using her "big bank" checking card and a prepaid debit card. Huffman chose a Silver Prepaid Mastercard, which promised free unlimited purchase transactions anywhere credit cards and debit cards are accepted, and most importantly, no overdraft fees. Huffman was approved for this card immediately.
One of the best features that Huffman discovered was, Two minutes after each purchase I got an email from Silver Card telling me I had made a purchase, how much the purchase was for, and best of all, how much money was left in my account. What a great feature!
We encourage you to read Huffman's entire account here.
And finally, from Huffman, While there is almost no truly free banking, using a prepaid credit card is an alternative to going with the Big Banks. It isn't for everyone, but if you get hit with multiple overdraft charges every month or so, you might find it's just as simple and much, much cheaper.
What did you think of Huffman's experiment? As a prepaid card professional, did you learn anything from her experiences?
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The PayPers reports that SmartCard Marketing Systems is to market the prepaid gift cards via its Velocitymoney.com website. As a result of the deal, online customers can activate, load and select shipping options on the cards on their website. SmartCard Marketing Systems markets MasterCard and Visa-branded prepaid cards, as well as prepaid wireless and long-distance cards and payment processing services.
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Concerns are rising about the potential dangers of prepaid cards by individuals. A recent report by Jun,“Prepaid Cards: Second-Tier Bank Account Substitutes,” faults the cards for poorly disclosed, high, and widely varying fees, arguing the total monthly cost for usage should be capped. Among 18 reloadable cards examined, the report found activation fees ranging from $3 to $99.95; monthly fees from $2.95 to $10; and dormancy fees (levied by eight of the 18) from $1.95 to $9.95 per month. These and other fees, it says, should be laid out on card carriers in a standardized fashion not unlike the so-called Schumer boxes used by credit card issuers. The report further argues that charges for overdrafts should be eliminated. The report found 10 cards charging overdraft fees ranging from $24.90 to $29.
Should prepaid companies work with consumer advocacy groups to enhance the benefits of prepaid cards?
As Reloadable Cards Increase, Concerns Grow About Fees, Protection
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British citizens looking to lock in the the pound's 10 month high against the dollar now have an option with a prepaid currency card. According to MoneyHighStreet.com, with growing popularity, more currency card providers are now in the market, including Lloyds TSB, the Post Office, and specialist companies such as CaxtonFX or FairFX. Because the cards will hold their value, some British citizens can use them to protect themselves when the dollar matches or usurps the pound.
Will we see the popularity of prepaid currency cards spread?
Lock in great rates with a prepaid currency card
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The Wall Street Journal reports that prepaid card issuer, Prosa is about to take hold of the Mexican prepaid card market. Prosa's shareholders include some of the country's largest banks. HSBC Mexico, Grupo Financiero Banorte SAB (GFNORTE.MX), Banco Invex, Grupo Financiero Santander SAB (SANMEX.MX) and Grupo Scotiabank each own 19.7% of the firm, with state-run bank Banjercito holding the rest. Prosa Chief Executive Jose Molina sees untapped potential for prepaid products like store gift cards, prepaid debit cards and payroll cards that businesses can use to pay employees.
Mexican Electronic Payments Co Prosa Sees Growth In Card Mkt
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According to a press release, InComm has partnered with Cartoon Network to distribute prepaid cards for their AAA, browser-based massively multiplayer online game (MMOG), FusionFall. Cards are now available for purchase at select locations of major InComm retail partners including WalMart, Toys"R"Us, FYE, Suncoast, and will be rolling out to GameStop locations next week. FusionFall prepaid cards will be available in more than 17,000 retail locations nationwide this summer.
InComm and Cartoon Network Partner on New Gaming Card
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According to a Press Release, TxVia, Inc., a pioneer in prepaid card processing technology, today announced it has raised $15.5 million in Series C financing, led by new investor, Bain Capital Ventures. Also participating were all current institutional investors, including Espírito Santo Ventures, High Peaks Venture Partners and Village Ventures. New York City Investment Fund joined as a new co-investor.
The funding follows important milestones for TxVia, including successful large-scale client deployments of the company’s groundbreaking platform-as-a-service (PaaS) delivery model for prepaid card processing. Today, TxVia has more than five million reloadable and nonreloadable cards on file in both B2B and B2C prepaid applications.
What do you think of the investment by Bain Capital to TxVia? What other companies will this influence within the prepaid card arena?
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Mobile News reports that O2 has partnered with NatWest bank for the launch of O2 Money to provide prepaid credit cards. The first products from O2 Money (a British banking institution) will be two Visa prepaid cards which will be available to O2 customers.Customers will receive balance updates on their mobile and will be able to choose between the Cash Manager card which works as a typical prepaid credit card or the Load & Go card which is available to users as young as 13.
O2 readies prepaid credit card
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