Prepaid Card Programmes to Support Consumer-Finance Propositions

Consumer prepaid and retail cards reduce operational costs, generate greater returns and improve payment and management practices. Build a deeper understanding of your customer needs and spending habits, whilst providing a valuable financial solution for your consumers.

The unbanked/underserved population can take advantage of branded prepaid cards as customers do not require a credit record or history prepaid cards do not require.

Retailers benefit by giving customers a simple, secure payment tool that can be used in store, on the internet or by phone. Cards can be issued irrespective of credit history, and since there is no credit or overdraft capability, cardholders can never overspend.

Open Loop Prepaid Cards
Open-Loop prepaid (Consumer Prepaid) cards help improve profitability by streamlining payment processes, reducing costs and giving greater convenience and security. Cards use the MasterCard or Visa network and thus offer global card acceptance. Open-Loop card programmes can be used across a broad range of purposes, to deliver real commercial value for your business:

• Prepaid Travel Cards (Currency /FX Solution)
• General Spend Prepaid Cards (Cash Cards)
• Retail Loyalty and Reward Cards
• Store/Gift Cards

Closed Loop Prepaid Cards
Closed-Loop (Gift Card) prepaid cards are typically single cards purchased with a pre-determined value. The card can either be a MasterCard that is used securely to make purchases at specific retail outlets and online, globally at over 28.5 million locations displaying the MasterCard Acceptance Mark or it can be restricted for use in predetermined stores only, electronic or otherwise.

A key selling point of these cards is that the giver doesn’t require a bank account or previous credit history and will not require any Know Your Customer (KYC) to obtain the card, making the sales process incredibly simple and streamlined.