Prepaid debit and payroll card market set to quadruple by 2014
By Louise Hauser
Aite Group, an independent financial research and advisory firm, interviewed dozens of industry experts and participants and found that the prepaid debit and payroll card market could quadruple over the next four years.
In 2009, the combined revenues of payroll card programs by Walmart, Green Dot and NetSpend was $44 billion, but by 2014 that figure is expected to rise to $164 billion, the survey says. Factors including the housing market bust, financial crisis, surge in unemployment and general economic downturn have contributed to the industry's expansion.
“Many banks still fail to recognize the formidable threat and opportunity represented by prepaid debit cards,” said Gwenn Bézard, research director with Aite Group and author of the report. “For those banks that have remained on the sidelines, now is the time to develop a plan.”
However, these cards are not free of the fees that are a frequent complaint of traditional credit cardholders. According to a recent report by Consumers Union, 12 out of 19 prepaid cards have activation fees ranging between $3 and $39.95, and 16 of the cards charge monthly fees from $2.95 to $5.95.
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