The Gurus at Prepaid Expo 2012

The dates for Prepaid Expo 2012 have been finalized –we’re heading back to Las Vegas from March 12-14, and this time we’ll be at the Mandalay Bay Resort!

The Prepaid Expo team has been working hard over the summer to put together an agenda for the 2012 event that helps address the challenges a growing business like yours is facing - issues such as increased competition, lower profit margins, regulatory scrutiny and market consolidation.

In addition to the dozens of sessions focusing on prepaid industry specifics such as mobile payments and compliance issues, we’ve also lined up a series of Guru Speakers aimed at inspiring you and providing you with valuable lessons learned to apply to your business. These Gurus are legends of their field, and will offer insight from their own experiences to help guide you through these growing pains.

Each of these Gurus is new to Prepaid Expo, and every one of their stories is unique. Included in this line-up are the following:

We hope you’re as excited as we are about this amazing line-up of Guru speakers - it’s something that’s never been offered before at the Prepaid Expo. 

If you’re looking for more information about the 2012 expo, please visit our website at www.prepaidexpousa.com. 

And don’t forget, you have until October 21st to save up to $700 on your registration!

Valerie M. Russo is a Senior Social Media Strategist at IIR USA with a technology, anthropology, marketing and publishing business acumen. She is a published poet and also maintains a literary blog. She may be reached at vrusso@iirusa.com. Follow her@Literanista. You can meet her and the rest of Prepaid Expo Team in person at Prepaid Expo USA 2012.

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How Consumers Really Feel about Mobile Payments

According to a recent post at AdAge on a study by Ogilvy & Mather, it seems the verdict is still out on new mobile payments technology and consumers trust familiar credit card companies more but how soon will that change? The rate at which new technology is becoming mainstream is increasingly rapidly.

Read the full post here and study here.

Valerie M. Russo is a Senior Social Media Strategist at IIR USA with a technology, anthropology, marketing and publishing business acumen. She is a published poet and also maintains a literary blog. She may be reached at vrusso@iirusa.com. Follow her@Literanista. You can meet her in person at Prepaid Expo USA 2012.

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Host a Market Research Round-table at Prepaid Expo

We are inviting companies to spotlight their market research (market sizing, consumer trends, etc., which they have either commissioned or conducted internally, at a research round-table during Prepaid Expo USA 2012, taking place on March 12-14, 2012, in Las Vegas, Nevada.

The round-table approach allows a broader scope of insights than having a single research company or analyst firm present their findings to the Prepaid Expo audience. This can be a great opportunity to package data “left on the cutting room floor” from a related study or to drive interest to a larger report by releasing a subset of your data.

There will not be formal presentations, however companies are welcome to present/distribute information as they like. The roundtables will be taking place simultaneously, so attendees can visit the tables most applicable to their interests.

To be considered to host a round-table:

Submit research topic and scope of data you anticipate disclosing, and when this data is to be released (if applicable).

Up to 2 roundtable hosts per company can attend.
Submissions are requested by August 25.

Please send your submissions to Hollie Goldman, Prepaid Expo Director, hgoldman@iirusa.com.

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MasterCard Tackles $840 Billion Global Prepaid Opportunity

Prepaid TV™ Episode Two, Part One Highlights US, International Market Sizing

By Marc Dresner, IIR

The global prepaid opportunity by 2017: $840 billion.

The US opportunity: $440 billion.

Mastering the flux prepaid market equation: Priceless.

In roughly five years, according to market sizing estimates from MasterCard in partnership with the Boston Consulting Group, we may see an explosion in global demand for prepaid products.

In the US, look to corporate payroll and government programs, followed by consumer GRP. Internationally, this trifecta breaks out quite differently.

Part one of Episode Two of Prepaid TV™ features Neil Dugan, SVP, Global Prepaid at MasterCard, who provides a compelling—and potentially surprising—take on emerging prepaid sectors and market potential in the US and internationally.

Click here to tune to Episode Two, Part One.

And be sure to stay tuned for Episode Two, Part Two airing later this month, where Dugan digs a little deeper into MasterCard’s focus on global growth in prepaid.

Thank you for joining us!

ABOUT PREPAID TV™


Prepaid TV™ is an executive interview series featuring the leading voices in prepaid today, along with a few rising stars that you should know about. Each month, we’ll deliver fresh insights and answers from a variety of perspectives – networks, banks, retailers, programs and providers – on the forward-facing issues that matter most to the prepaid industry.

Prepaid TV™ is produced by Prepaid Expo, the world’s largest gathering of closed- and open-loop prepaid professionals.This series marks yet another step in Prepaid Expo’s commitment to deliver year-round access to key executives and thought leaders, so stay tuned!

For more information, please visit www.iirusa.com/prepaid

ABOUT THE AUTHOR/INTERVIEWER

Marc Dresner is an IIR USA communication lead with a background in trade journalism and marketing. He is the former executive editor of Research Business Report, a confidential newsletter for the marketing research and consumer insights industry. He may be reached at mdresner@iirusa.com. Follow him @mdrezz.

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Will AmEx Change the Future for Prepaid?

American Express has launched a new prepaid card, one that boasts fewer fees, and one free ATM withdrawal per month. “The average prepaid card typically carries a $10 activation fee, as well as a $10 monthly maintenance fee. The AmEx prepaid card has neither of those costs, however: Instead, the company charges a $2 fee for each ATM withdrawal, with one free withdrawal each month.” With fewer fees, even the card itself is free if ordered online (it will eventually be available in stores for $4.95), and no monthly maintenance will AmEx change the future for prepaid cards?

“Most prepaid debit card users tend to be low-income, have poor credit and limited banking options. Todd Zywicki, a professor at George Mason University, says the new AmEx card could change the game.”

It’s no secret that many Americans have been with faced with some sort of economic hardship over the past few years, will this be their solution? “Prepaid-card use expanded 35 percent last year with more than 1 billion transactions.”

Now that AmEx has produced a more cost effective card, how many Americans will switch to prepaid cards?

Prepaid cards aren’t just for people who are struggling. Many parents sending their children to college could benefit from using prepaid cards instead of regular credit cards, especially now that AmEx’s new card has no maintenance fees. Who will be AmEx’s next competitor?



Kate Devery is a Social Media List Researcher at IIR USA . She studied English and Psychology at Hunter College. She also writes for various pop culture blogs. She may be reached at KDevery@IIRUSA.com

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Lost in Translation Study: New Underbanked Stats for Prepaid

The University of Virginia Darden School of Business and Tayloe Murphy Center released the findings of a major study yesterday that outlines specific steps for how banks and credit unions can capture billions of dollars in deposits by reaching out to Latino and other “unbanked” households across the United States.

The year-long study titled “Perdido En La Traducción: The Opportunity in Financial Services for Latinos has a lot of interesting stats for those in the Prepaid industry to explore:

The study focuses on unbanked Latino households in Virginia and North Carolina. Latinos are the fastest- growing multi-ethnic group in many states, including Virginia, as well as nationwide. Many of the findings can also be applied nationally to any household that is unbanked, regardless of ethnicity, background, geographic location or length or status of residence.

The Latino Market in Virginia:


Virginia has 39,000 unbanked Latino households producing some $23,500 each in annual income.

Conservative estimates put the amount of money that could circulate through Virginia’s banking system due — strictly — to welcoming Latinos into traditional financial services at $917 million annually.

Recommendations from the study to address some of the issues include:


Utilize and expand mobile banking platforms
Demographics matter - know your consumer
Directly address the risks of crime - and benefits of security
Recognize and leverage the residential segregation of ethnic groups
Build on social and reputational networks
Utilize knowledge from public servants
Financial education

To read the complete study, click here.

Explore the topic: Share your thoughts below...
How is the Prepaid industry addressing these issues and attracting the underbanked consumer? Is the industry moving fast enough compared to the needs of the consumer? What are the major challenges?

Valerie M. Russo is a Senior Social Media Strategist at IIR USA with a technology, anthropology, marketing and publishing business acumen. She is a published poet and also maintains a literary blog. She may be reached at vrusso@iirusa.com. Follow her@Literanista. You can meet her in person at Prepaid Expo USA 2012.

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Social Media Critical to Growth of Prepaid

In an age where 93% of all business marketing participates in social media and even brokers at financial firms are now harnessing the power and reach of social media for research, client communication, and to attract potential clients and prospects, it seems that social media is critical to the growth of Prepaid as well.

While compliance guidelines and regulations continue to worry many in the Prepaid industry, they are not alone. If you speak to any social media thought leader, they will tell you that many corporations face challenges in using social media, both externally and internally. However, it is possible to walk that fine line since social media isn't going away. And when you look at its merit and power to reach and educate clients and consumers far and wide, especially the underbanked, the more it seems like a winning situation.

Just look at these 2011 social media stats released last week:



Here is where we look at whose IS doing social media well. Innovation and progress rarely happen in a vacuum. Sometimes it's as simple as looking at leading experts outside of your industry for inspiration and ideas or perhaps even sitting down together for a business strategy discussion.

Prepaid Expo recognizes the challenges facing prepaid professionals and strives to meet those needs. In an effort to learn from those who have survived the challenges presented by a maturing industry and inspire the seasoned prepaid executives, Prepaid Expo is looking beyond prepaid for inspiration.

First, we will bring the leading experts from Airlines, Pharmaceuticals, Finance, etc., to address the Prepaid Expo audience on how they came out on top when facing similar challenges. Second, we created VIP sessions for each outside expert, giving senior executives the opportunities to get their questions answered by the experts in a private forum like setting.

If you would like a chance to discuss your business needs and challenges with your peers and experts at Prepaid Expo 2012, sign up today and save the date: March 12-14, 2012. We will see you in Las Vegas!

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Mercator Forecasts 68% CAGR for Prepaid Card Industry In 2011

Prepaid TV™ Series Explores GPR Payroll, Social Media Distribution and More!

By Marc Dresner, IIR USA

As a baby, my parents used to brag that I should be on television. The neighbors said I had a face for radio…

This much is certain: I like to ask questions. Call me insatiably curious or plain nosey, it’s why I became a business journalist.

So when Prepaid Expo offered me an opportunity to host a new online video interview series focused on the prepaid card biz, I grabbed my pad and pen and went hunting for victims to grill.

And I’m mighty pleased to say I’ve landed interviews with some of the leading authorities in the open- and closed-loop prepaid card industry today (along with a few rising stars that you ought to know about).

On behalf of Prepaid Expo, today we’re delighted to air the first of those interviews in the debut segment of Prepaid TV™!

Episode One features a five-part interview with Mercator’s VP and director of prepaid services, Tim Sloane, who was gracious enough submit to a broad discussion on key trends in prepaid and what they mean for retailers, networks, banks, programs and providers.

Part 1: New Entrant Impact – Sloane says the prepaid sector – closed- and open-loop – is poised for a staggering 68% CAGR this year! How much of that is going to come from new players, and who are they?

Tune in to episode one of Prepaid TV™.



Part 2: Prepaid & Social Media – The distribution channel mix is changing. See how social media is fueling consumer interest in prepaid products.

Part 3: Prepaid & Payroll – GPR and prepaid financial services are expanding their footprint. Could cards kiss paper payroll checks good-bye?

Part 4: Game Changing Technologies – Process management is getting extremely complex. Take a look at some automation tools and outsource providers making a difference.

Part 5: Retailers – This ain’t your grandma’s gift card; retailers are getting into the financial services game. Expect prepaid to play a in big way.

Bookmark us and stay tuned for episode two, featuring MasterCard’s Neil Dugan, SVP of Global Prepaid.

Prepaid TV™ marks yet another step in Prepaid Expo’s commitment to deliver year-round access to key executives and thought leaders.

Let me know what you think! And thanks for watching!


ABOUT THE AUTHOR
Marc Dresner is an IIR USA communication lead with a background in trade journalism and marketing. He is the former executive editor of Research Business Report, a confidential newsletter for the marketing research and consumer insights industry. He may be reached at mdresner@iirusa.com. Follow him @mdrezz.

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Digital Photography, Digital Media, Digital….Wallets?

“According to Urban Wallace Associates, more than 6 million U.S. shoppers bought digital gift cards within the past 6 months — a 150% increase since last measured three years ago.” Cards have proven to be convenient and favorable to most consumers because people like to know exactly what they’re purchasing. The transition from paper to plastic seemed to be almost effortless, and it was only a matter of time before it turned digital. Digital transactions are becoming more and more frequent each day, so much in fact that The Square estimates that it “will reach 1 billion in payment volume within a year.”

Last week, Google announced its latest digital development, Google wallet, which will be out this summer. “The first participating retailers will be Macy's, Subway, Walgreens, Toys "R" Us, Bloomingdale's, Guess, and Noah's Bagels. For the payments service, Google is partnering with Sprint, MasterCard, Citi, and FirstData. Eventually boarding passes, tickets, and more will come to the Google Wallet." Coupons and discounts will be offered, and to pay it’s a simple as waving your phone over a terminal. Androids will be the first phone to have Google wallet and it will be interesting to see how phone companies choose to compete with this latest feature, especially with the announcement of a similar service, Visa’s e-wallet. Visa announced their e-wallet will be out this fall in Canada and the United States. “It'll cover all sorts of payment situations, including e-commerce, mobile commerce, micropayments, social networks, and person-to-person payments.”

You can bet with the release dates of both devices set for summer/fall there is sure to be buzz in the upcoming months. Do these services signal the end of “cards” as we know them? What do you think?

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Digital Banking 101: Opportunity for Investors, Solution for Consumers

It’s become more than just a cell phone or credit card, it could eventually change the way you receive your tax return, and essentially eliminate paper checks forever. When it comes to prepaid payment systems, many people don’t realize that it’s not just the consumer that benefits, but also the investor. And as these payment systems are growing more and more each year, experts are advising companies to get on board now.

“Mercator Advisory Group forecasts that the prepaid debit card market will expand at an astonishing 92% compound annual growth rate until 2012 and will reach $118.5 billion in annual funds loaded”. The cause for such an expansion comes from households that are categorized as being “underbanked”. Many Americans don’t need to have a bank account because they don’t generate enough income, so this population may eventually rely on prepaid debit cards.

The state of Nebraska has even gone as far as using prepaid debit cards for child support payments. Lexch.com discusses “The prepaid cards have been an excellent way to cut state program expenses and streamline government operations while still delivering services to constituents, said State Treasurer Don Stenberg”. This could completely separate these payments from banking. 

You can’t deny that we live in a digital age, whether it’s the way we advertise, listen to music, or read a book, so it was only a matter of time before our banking followed. Prepaid payments are not only an opportunity for investors, but also a solution for consumers.

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15th Annual Webby Awards Winners: BANKING/BILL PAYING

The following Banking and Bill Paying companies' websites won or were nominated for a Webby Award because "some are beautiful to look at and interact with. Others are a testament to usability and functionality. And a handful excel across the board. To be selected among the best is an incredible achievement worthy of praise -- and perhaps a little bragging."

Browse through the sites below and reflect on innovation and the web:

WEBSITE: Webby Award Winner	Agency/Credited Organization
Lending Club http://www.lendingclub.com	LendingClub Corporation
People's Voice Winner
Chase Blueprint Demo https://www.chase.com/ccp/index.j...	JPMorgan Chase
Nominees
Billeo, Inc http://www.Billeo.com	Atomic PR
Chase Blueprint Demo https://www.chase.com/ccp/index.j...	JPMorgan Chase
Kashoo Online Accounting http://kashoo.com	Kashoo
Lending Club http://www.lendingclub.com	LendingClub Corporation
US Bank http://www.usbank.com	US Bank

BEST USE OF DEVICE CAMERA

Webby Award Winner	Agency/Credited Organization
Chase Quick Deposit https://www.chase.com/ccp/index.j...	JPMorgan Chase

To view the entire list of Winners and Nominees, visit www.webbyawards.com.

Valerie M. Russo is a Senior Social Media Strategist at IIR USA with a technology, anthropology, marketing and publishing business acumen. She is a published poet and also maintains a literary blog. She may be reached at vrusso@iirusa.com. Follow her @Literanista.

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The Week in Prepaid & Payments

We are still working on compiling materials from Prepaid Expo 2011 to share with all of you, but in the meantime, here's a roundup of what new in the Prepaid and Payments space:

• Amex hires former MasterCard exec for development‎
  
• CUNA Urges Delay in Prepaid Debit Card Rules for Fed Benefits
• Javelin Strategy & Research's released a new report "2011 Prepaid Cards and Products: Expanding and Innovating for Mass Market Appeal."
• Beginning of the End for Paper Social Security Checks
• Prepaid Debit Helps a Key Metric Improve for TSYS
  
• Starbucks Mobile POS Success Shows Barcode’s Potential
• PayPal Steps Up Fight Against Smartphone Wallet With Fig Card Acquisition
• Photos from the Paybefore Awards at Prepaid Expo 2011 are now available here.

INDUSTRY ACHIEVEMENT WINNER: Anabel Perez, NovoPayment

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The Week in Prepaid & Payments

Here's some news you might have missed:

• Credit Giants Team Up With Google to Drive Mobile Payments‎
• American Express Takes On PayPal in Online Payments War
• Microsoft joining mobile payment push
• Google Launching Android In-App Payments Next Week
• Cash payments out of favor in Australia
• AmEx Serves Up a New Digital Payment System with a Prepaid Card
• Visa sees 182% growth in Mideast prepaid cards
• Lebara Launches New Money Sharing Service With Mastercard ®‎
• Treasury Expects to Save $120 Million Annually in Switch to Electronic Payments
• NFC in 2011: Wells Fargo Tests Mobile Payments in San Francisco
  
• First Data Reveals Mobile Vouchers for Merchants
• how Prepaid Cards Could Help Issuers Recover Some Income Lost to Durbin
• Donate My Card With The ALS Association To Deliver Donations Of Unused Balances On Prepaid Gift And Debit Cards
• Card Shuffler: Big banks want a piece of the prepaid debit card business dominated by Green Dot. Founder Steven Streit, a former DJ, says bring it on. 
• New Gift-Card Trend Swaps Stuff for 'Social Capital'
• Facebook, Your Future Bank ‎

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