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 Exhibit at Money20/20
Pivotal Payments is excited to be exhibiting at the sold-out Money20/20 conference, November 2-5, at the Aria Hotel in Las Vegas. Money20/20 is the leading global event for innovations in money and is heralded as the world’s premier event for payments and financial services.Full Article
Pivotal Payments exhibits at the 11th Annual WSAA Conference ...Come see us at Booth 75!
Pivotal Payments will be exhibiting at the 11th Annual WSAA Conference, October 15-16, at the San Diego Marriot Marquis and Marina, booth 75.Full Article
Simplifying Global Ecommerce with GlobalOne
In 2013, cross-border shoppers spent a total of $105 billion and that figure is slated to grow to $300 billion by 2018!Full Article
Pivotal Payments to Exhibit at the 2014 BrandSource Convention & Expo
If you would like to meet with Pivotal Payments’ team at the 2014 BrandSource Expo in Las Vegas, please stop by booth 117 to discuss your payment processing needs. Pivotal Payments’ Senior Vice President of Sales and Marketing, Frank LoSchiavo and North American Franchise Specialist, Stacy Pisciotta will be there and look forward to meeting with you!Full Article