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 at TRANSACT 14
Pivotal Payments will be exhibiting at TRANSACT 14: Powered by ETA, at the Mandalay Bay Convention Center in Las Vegas, April 8-10.Full Article
Recurring Billing: Helping Merchants Increase Cash Flow and Reduce Costs
If your business relies on recurring revenue streams such as monthly subscriptions, service fees, membership fees etc. then you should definitely ask your payment processor about setting up recurring billing. The truth of the matter is that recurring billing increases your cash flow and gives you peace of mind so you can focus on other areas of growth for your business.Full Article
PulseWallet allows you to pay with your veins!
PulseWallet uses a highly reliable biometric authentication system based on palm vein pattern recognition technology from Fujitsu. The PalmSecure-enabled terminals link the consumer's palm to a personal digital wallet that electronically tracks and stores receipts and coupons at the point-of-sale.Full Article
Emerging Wocket and Coin Platforms for Credit Card Processing and Beyond
Do you hate having to carry multiple credit cards in your wallet? Well, two companies Wocket and Coin are introducing the next generation of wallets with the idea of replacing all the bulky cards in your wallet with a single card.Full Article