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15/10/2009 -
When it comes to payment processing, many merchants focus on debit and credit cards. However, prepaid cards - both as gift cards and for personal use - have grown in popularity, particularly due to the recession and ensuing credit crunch. As a result, businesses that accept prepaid cards in addition to debit and credit cards will likely find themselves at an advantage.According to a study released this week from Aite Group, the prepaid card market is expected to continue experiencing its recent growth, and merchants should invest in new technology that allows them to keep up.
"As the market continues to grow and legislation threatens to change the way branded prepaid issuing is done, processors need to invest in technology to play a significant role in meeting all new demands and remain competitive," the report read.
The report also noted the importance of investing in newer POS terminal technology "in lieu of adding more patches to an antiquated processing system that continues to approach the end of its life."
A recent study from Mercator reported that the prepaid card industry reached $247.7 billion in 2008.
