Paragon Dynamix launches credit score enhancement for prepaid cards

As we reported yesterday, a few prepaid card companies are working to help users enhance their credit rating. Paragon Dynamix is one of those companies. In a press release, the company says that the new platform, allows any prepaid debit card with a bill pay feature to be able to report payments to the three major credit bureaus: TransUnion, Experian and Equifax.

“Through a special relationship, we have taken a very complicated (and previously unattainable) process and made it into a simple, once-a-month task for prepaid debit card program managers”, said Paragon’s President Phillip Huston.

The fully functional data-reporting platform is a turnkey solution for prepaid debit program operators. “In designing the product, we knew it had to be easy to implement, be automated to report monthly, and that it had to actually impact an individual’s three-bureau credit score...up or down,” said Huston.

Learn more by downloading the press release: Paragon Dynamix launches credit score enhancement for prepaid cards

Share this article with your social network, just click below to share now!

Share |

Reminder: Free Web Seminar - The Evolution of Global Prepaid Through Innovation

Date/Time: Wed, Feb 17, 2010 11:00 AM - 12:00 PM EST
Register: https://www1.gotomeeting.com/register/740316288
Mention priority code U2229W1BLOG

SCL & Visa will be presenting their collective experience in the world of prepaid, focussing on the theme of innovation.

As well as the technical innovation that both organisations can demonstrate their leadership in, the presenters will also chart the evolution of prepaid programmes in terms of product innovation, covering all prepaid categories from Giftcards to Multi-function event & transit cards.

The webinar will also highlight innovation in evangelising prepaid into new markets and examine some of the adaptations that are needed to specialise or localise programmes to cater for the differing perceptions, attitudes and market conditions in previously un- or under-served territories.

Similarly, it will focus on the migration of prepaid from the world of retail into different areas such as government, healthcare, insurance, entertainment and transport.

The theme of innovation will be illustrated throughout with real-world examples from both organisations.

What you will learn from attending:

Understand the role innovation has played in the growth and development of the prepaid market
Hear real life case studies of how innovation has been used
See the latest developments in prepaid and hear what's coming next

Featured Speakers:
Pat Roe, Sales Director, SCL
Greg Sheppard, Senior Manager Prepaid Centre of Excellence, Visa Europe
Brian Triplett, Global Head of Prepaid, Visa

Share this article with your social network, just click below to share now!

Share |

Atlantic Zeiser to Present Drop On Demand Printing Technology at Prepaid Expo 2010

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

Share this article with your social network, just click below to share now!

Share |

RBC/Visa Offer Prepaid Cards for Vancouver 2010 Olympic, Paralympic Winter Games

NewStatesman.com reports that RBC Royal Bank said athletes, coaches and team officials attending the Vancouver 2010 Olympic and Paralympic Winter Games will be able to purchase beverages with a simple wave of the hand by using its special contactless Visa Prepaid Card The contactless Visa card, shaped like a Coca-Cola contour bottle, uses Visa payWave technology and is not linked to a credit card account.

RBC Royal Bank claimed that the preloaded cards will provide athletes with access to Coca-Cola brand beverages at vending machines in official venues for the Vancouver 2010 Olympic and Paralympic Winter Games, including the Olympic and Paralympic villages in Whistler and Vancouver.

Are any other banks offering prepaid plans for the Olympic games?

Learn more: RBC to offer contactless Visa prepaid card at Vancouver 2010 Olympic, Paralympic Winter Games

Share this article with your social network, just click below to share now!

Share |

Disaster in New Jersey? Policyholders to Get Paid Via Prepaid Debit Card

Getdebit.com reports that victims of disasters in New Jersey may now get the financial help they need more quickly, thanks to prepaid debit cards issued by The Bancorp Bank, a wholly owned subsidiary of The Bancorp, Inc. The cards will be issed by Bancorp in collaboration with InsurCard.

Here’s how the program works. The InsurCard Visa Prepaid Debit Card is loaded when emergency payments are required, eliminating the challenges associated with check issuance. The InsurCard can be used to make purchases wherever Visa debit cards are accepted and cardholders have access to cash through ATMs located nationwide. Policyholders can obtain account balance and transaction information 24-hours a day.

What do you think? Should beneficiaries receive payment via debit card?

Learn more: Disaster in New Jersey? Policyholders to Get Paid Via Prepaid Debit Card

Share this article with your social network, just click below to share now!

Share |

Canadian Justice Minister Tries Eliminating Prepaid Gift Card Expiration Dates

CTV.ca reports that under new legislation tabled by Quebec Justice Minister Kathleen Weil, there will no longer be expiry dates on gift cards.

The new legislation ensures that gift cards will not gradually lose their value over time.

In some cases, companies choose to deduct an amount from a gift card's balance if the card is not used within a certain time frame.

Weil said the new law is necessary because the conditions attached to gift cards have been unfair to consumers.

What do you think about this development, will it pass?

Learn more: No more expiry dates for gift cards

Share this article with your social network, just click below to share now!

Share |

IFX travel currency card – facts and figures

For individuals travelling throughout different countries, finding an affordable way to keep track of money exchanges can be difficult. IFX travel currency card offers individuals a way to track their spending and not worry about being robbed for their cash. Moneyhighstreet.com discusses the card, the IFX MasterCard Prepaid Currency card is available in Euro and US Dollar and can be used in 28 million locations worldwide, including over 1.5 million ATMs. Card members can manage your money abroad via SMS, online or by phone. It uses chip and pin for extra security and blocks reported stolen or lost cards.

The maximum balance for eccount is £5,000 and US Dollar and Euro cards are available on the same eccount.

What do you think about IFX travel currency card? Is it a good option for consumers?

IFX travel currency card – facts and figures

Share this article with your social network, just click below to share now!

Share |

EA SPORTS Launches First-Ever Prepaid Debit Card with Rewards for Loyal Customers

Welt Online reports that EA Sports has partnered with Visa to launch their first-ever prepaid debit cards. According to the report, "Electronic Arts Inc. has made it easier for loyal gamers to buy their favorite EA SPORTS™ titles with the launch of the first-ever EA SPORTS branded prepaid debit card. The reloadable prepaid debit card enables users to receive a percent back from every purchase at thousands of brick-and-mortar and online retailers to redeem points that can be used to purchase select EA SPORTS game titles."

What do you think of the move by EA Sports? Will we see other game companies following suit?

EA SPORTS Launches First-Ever Prepaid Debit Card with Rewards for Loyal Customers

Share this article with your social network, just click below to share now!

Share |

Good News for Prepaid Cards?

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?

Share this article with your social network, just click below to share now!

Share |

Store Gift Card Sales Expected to Fall

Convenience Store News reports that the sale of private label store cards is expected to fall for the second straight year, while general-purpose gift card sales are expected to increase slightly, according to TowerGroup. Consumers are expected to exhibit more practical usage in each gift card category. For example, fast food will perform better than white linen dining, and discounters will perform better than high-end specialty stores. Niche players, such as local stores, will experience the largest negative impact.

What other factors are keeping consumers from private label store cards? Could the 2010 credit legislation be to blame?

Share this article with your social network, just click below to share now!

Share |

Consumerist: The Hidden Cost Of PrePaid Debit Cards Revealed

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

As a prepaid card professional, what do you think of this analysis? We'd like to hear your thoughts.

Share this article with your social network, just click below to share now!

Share |

Prepaid Card Use Rises

The Salt Lake Tribune reports that Prepaid card usage is up among Americans. Consumers typically buy them from a retailer, load them with money -- sometimes from directly deposited paychecks -- and use them at checkout counters or to pay bills online. And the cards are advertised with a phrase rarely used by financial institutions since the beginning of the credit crisis: no credit check necessary.

In 2008 consumers loaded $8.7 billion, up from about $4 billion the year before, on prepaid cards that carry Visa, MasterCard, American Express and Discover logos and can be used anywhere, according to Mercator Advisory Group, a research firm that focuses on the payments industry.

Consumer advocates warn that the cards can carry an assortment of fees. Nevertheless, prepaid cards have become popular among those who cannot get traditional bank accounts, many of them immigrants who rely heavily on more expensive check-cashing institutions.

For more information, please visit the original article here.

Share this article with your social network, just click below to share now!

Share |

Prepaid Expo USA 2010 Agenda Ready for Download, President Bill Clinton to Keynote

IIR is excited to announce two Prepaid Expo USA 2010 keynote speakers.

President Bill Clinton, Founder of the William J. Clinton Foundation & 42nd President of the United States will address the Prepaid Expo USA 2010, taking place February 22-24, 2010, in Las Vegas. President Clinton’s keynote address “Embracing Our Common Humanity” will take place on Monday, February 22nd at 2:30 pm.


Arkadi Kuhlmann, CEO of ING Direct, will also address the audience at the EXPO. His keynote will focus on driving success through innovation. Kuhlmann believes that in trying to re-energize an industry and transform a company, it's about creating a story. As the prepaid industry undergoes regulatory scrutiny, it continues to grow and transform. Through his experience at ING Direct, Kuhlmann will draw key parallels between the transformation of the prepaid industry and his experiences in the banking industry.

For more information on the Prepaid Expo USA 2010 keynotes, agenda, and full speaker line-up, visit the event website.

Prepaid Expo USA 2010:
http://bit.ly/qPHRZ

Prepaid Expo USA 2010 Brochure:
http://bit.ly/3ESlUY

Prepaid Expo USA 2010 Registration:
http://bit.ly/6MmaD

We look forward to seeing you in Vegas!

Sincerely,
Prepaid Expo USA

Share this article with your social network, just click below to share now!

Share |

As Reloadable Cards Increase, Concerns Grow About Fees, Protection

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

Share this article with your social network, just click below to share now!

Share |

Emida Announces New Prepaid Products and Upgraded Services

According to a press release, Emida customers across the U.S. will soon have three new and two enhanced products and services include Verifone POSA microbrowser access, enhanced PC terminal access, Prepaid Prepaid, money transfer and M-MONI™, Emida’s mobile wallet solution. Each of the new and enhanced services is designed to give Emida’s clients more flexibility, more value add and better customer retention. The new microbrowser application for Verifone POSA terminals allows merchants to run faster transactions, improving productivity and efficiency.

For more information about Emida, please click the company's website here.

Emida Announces New Prepaid Products and Upgraded Services

Share this article with your social network, just click below to share now!

Share |

Prosa Tackles Mexican Prepaid Card Market

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

Share this article with your social network, just click below to share now!

Share |

InComm and Cartoon Network Partner on New Gaming Card

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

Share this article with your social network, just click below to share now!

Share |

TxVia Raises $15.5M with Bain Capital Ventures

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?

Share this article with your social network, just click below to share now!

Share |

MoneyGram and AccountNow to launch Visa-branded prepaid card

Banking Business Review reports that, MoneyGram International, a provider of payment services, and AccountNow, a provider of financial solutions, have signed an agreement to launch the new MoneyGram AccountNow Prepaid Visa card, which will be available at select MoneyGram agent locations starting in June 2009



The MoneyGram AccountNow Prepaid Visa card will participate in the Visa ReadyLink, Interlink and Plus networks. No credit or bank account is necessary for card holders to load cash at any MoneyGram agent location, and consumers can use the card everywhere Visa debit is accepted, said MoneyGram International.

Share this article with your social network, just click below to share now!

Share |

MasterCard Readies TV Push for Prepaid

According to Maria Aspan of Bank Technology News,

MasterCard Inc. is preparing to address what many prepaid card executives call the niche's No. 1 problem: consumer awareness.

The Purchase, N.Y., payments network is planning to unveil a consumer advertising campaign this spring, including television commercials, to promote reloadable prepaid cards to a larger audience.

Will this heavy direct to consumer advertising work for MasterCard or has the public already been inundated with offers for payment cards? What will be interesting is to see how the public reacts to payment cards that don't have APR, late fees and potentially negative connotations for the consumer's credit report. We'd like to hear your thoughts on MasterCard's plan.

Share this article with your social network, just click below to share now!

Share |