AEIS and FiCentive Agreement

AEIS, a joint venture between American Express Travel Related Services Company Inc. and Maritz Holdings Inc., has now entered into an agreement with FiCentive as reported here. Under the agreement, FiCentive can sell consumers prepaid credit cards with the American Express logo using AEIS patented DirectSpendSM process. As the CEO of FiCentive, Louis Hoch, stated:

"The success of our customers creates success for FiCentive. That customer success is delivered by our highly flexible prepaid solutions which are focused on practical, convenient, and intelligent applications. We are very proud to partner with AEIS to be able to resell prepaid card solutions carrying the prestigious American Express brand."

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Prepaid Credit Cards Use by Immigrants

I found this article today that remarked on immigrants being responsible in part for the growing trend of prepaid credit card use. As they mentioned, last year Bank of America received a lot criticism for their prepaid credit cards being available to “undocumented immigrants”. One of the benefits of these cards that has been cited many times, however, is that there is no need for a bank account, social security number, or credit check. These three perks are perfect for these immigrants. The Department of Homeland Security has released data showing that approximately 11.6 million “unauthorized immigrants” currently reside in the U.S. This makes the prepaid credit card industry look very promising for investors.

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Prepaid Payroll Cards

Yesterday we discussed how FNDS3000 will be offering a Diamond Cash Card in South Africa. In other payroll card news, MediaNet Group Technologies, Inc. will be building a “private branded web mall for Paycard USA” as announced in this article from CNN. Paycard USA is offering a Prepaid MasterCard, that would require no credit application or checking account. The main benefit will be that employees will be able to avoid fees associated with drawing money from standard checks at other banks. As Martin Berns, CEO of MediaNet Group metioned:

"We are excited to add PaycardUSA to our list of new clients, particularly as it demonstrates how the marketplace is demanding rewards and incentives on debit and payroll cards. Being selected by PaycardUSA is indicative of trends not only in the under-banked marketplace but also by savvy financial services firms who are looking to enhance the value proposition to card holders. We look forward to working with the PaycardUSA team in adding value to their card holders and providing a benefit beyond the industry standard."

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History of Credit Cards

This article from Mercury News takes a look at the 50 year history of the Credit Card Industry. While the prepaid industry is still relatively new, it is interesting to recall the roots of this market. As the article mentions, 50 years ago, Bank of America sent a mass mailing to the residents of Fresno, a copy of the companies new Visa credit card. It became known as the Fresno Drop. The rest as they say, is history. Since then, the credit industry boomed and as of this summer, according to the Federal Reserve, revolving debt, mostly originating from credit cards, is $969.9 billion. With the many economic woes currently facing the industry, it will be interesting to see how the fledgling prepaid credit card industry will fare.

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ICE Launches Prepaid Travellers Card

International Currency Exchange (ICE), will now be offering a prepaid travellers card, as reported here. The card will be usable in over 120 countries, and provide a safe alternative to debit cards, credit cards, and travellers cheques. ICE decided to launch the card based on internal reports that stated there has been a 77% increase in the number of stolen cards abroad. Andrew Hamilton, head of marketing at ICE, released this statement:

"Working in partnership with [issuer] Raphaels Bank, [application integrator] Medoc and [prepaid processor] Altair and using our own extensive expertise in the foreign exchange arena, we have been able to develop a prepaid card that is secure and easy to use."

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SkyEurope Airlines Offers New Channel for Payment

SkyEurope recently announced, as mentioned here, that they will start accepting payment in the form of prepaid cards. They have authorized consumers to use the pre-paid paysafecard for online purchases. This card is in use in 10 European countries, and uses a PIN code, instead of asking consumers to type in their entire credit or debit card number. Steven Greenway, of SkyEurope stated that:

“Our goal is to offer variety of fast and safe payment channels to our clients. Some passengers do not have access to debit or credit cards that can be used for electronic payments or they simply do not want to send their card number over the internet. We believe that by introducing the possibility to pay through paysafecard we will provide access to a greater spectrum of customer segments and provide more choice by providing a payment method that avoids paying additional credit card fees.”

Michael Müller, CEO of paysafecard went on to say that

“We are excited to announce our first co-operation with an airline company. SkyEurope is once more a true pioneer, when it comes to best-in-class customer service and safe e-commerce.”

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