Open-loop card use propels prepaid card adoption
By Kristen Lawrence
Over the next three years, the total number of dollars loaded onto prepaid cards is expected to increase to $672 billion, more than doubling the amount - $330.03 billion - loaded in 2009, according to a study by Mercator Advisory Group.
The study attributes much of this growth to the increasing use of open-loop cards, which are set to expand by 36.6 percent over the next three years, compared to closed-loop prepaid cards which will only grow by 5.4 percent.
"Having now performed six prepaid forecasts, Mercator Advisory Group has found that the diversity of the prepaid market allows it to grow at this blistering pace, as government agencies, corporations, and consumers all find new uses for these cards," said Tim Sloane, vice president of client services and director of Mercator Advisory Group's prepaid advisory service.
However, prepaid cards should be adopted with caution. Like their more traditional counterparts, prepaid cards carry with them a list of fees, including activation charges, withdrawal fees and fees for receiving a paper statement.
Related News - Credit Card Processing
Pivotal Payments to attend WSAA's 2015 Annual Conference
Pivotal Payments is excited to be attending the 2015 WSAA Annual Conference in Las Vegas, Nevada October 28-29. Furthering our efforts to stay at the forefront of the payment processing industry, we are always seeking connections with knowledgeable and experienced professionals in the payment community.Full Article
What You Need to Know About EMV Transition in the U.S.
The United States is in the middle of a technological shift. As a U.S. merchant, it is extremely important to understand what changes you can expect within the next few weeks and how EMV will change the way transactions are processed.Full Article
GlobalOne Sponsors the First Ever Montreal TechCrunch Pitch-Off and Meetup
GlobalOne, a division of Pivotal Payments, is proud to support the startup community and sponsor Montreal's first TechCrunch Pitch-Off and Meetup. This popular event will make its long-awaited debut in the “City of Saints” this Wednesday, April 1st at the Société des Arts Technologiques (SAT).Full Article
Pivotal Payments at TRANSACT 15
TRANSACT 15: Powered by ETA is the place for payment technology industry pros to connect and share news and ideas. Encompassing the largest annual audience for the electronic payments industry with 6 conference tracks, 59 educational sessions and 55,000 square feet of trade show floor, TRANSACT is for leaders, innovators, and the newest players changing the payments industry game.Full Article