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31/05/2011 -
Among the fastest-growing trends in the payment processing sector is prepaid cards, which can be have funds remotely added to them.Bloomberg reports that the government in California no longer sends out disability checks through the mail, instead adding money to a card electronically every month. According to the news source, almost 2 million residents in California have begun using the program for disability insurance, paid family leave programs and unemployment benefits.
Banks are hoping that they will be able to increase profit from the program as it faces an estimated $25 billion in lost revenue from new swipe fee limits, according to a study by Boston Consulting Group.
“We’re just at the beginning of many of our government clients moving from paper to a paperless environment,” said Margaret A. Scopelianos, a treasury services executive at Bank of America, in an interview with the news source.
There has been less positive news when it comes to other prepaid cards. The Florida Attorney General's Office issued five subpoenas to prepaid card companies, including RushCard, co-owned by hip hop entrepreneur Russell Simmons.
