Prepaid cards are only getting more popular among consumers and businesses and American Express is a key player in this space. Stefan Happ, currently serving as EVP and GM of the company’s Global Emerging Payments division, was part of the initial roll out and development of American Express’ prepaid card business as it evolved from pure play gift cards. With nearly two decades spent at the company, he’s well positioned to share his insights on where the market is heading.
During an interview in the Finetics™ Studio by The Bancorp at Money 20/20 in Las Vegas, he shares his thoughts on building out American Express’ prepaid business and what lies ahead for this industry.
“I was part of the initial wave of us building the business more than 10 years ago when we started the gift card programme that we’re now selling through 60,000 retail locations,” says Happ. “As the years went by and the business grew, and then plateaued, we needed to innovate out of that single use gift space and then came across the use case of creating re-loadable prepaid cards that were designed to provide an alternative to more expensive bank accounts that were accessible to many people – not just those who qualified for regular bank accounts here in the US.”
Access Stefan Happ’s full interview, plus more insights on prepaid from Blackhawk Network President Talbott Roche, CEO and president of the Network Branded Prepaid Card Association Brad Fauss, Brightwell Vice Chairman Ken Goins, People’s Card Services president Peter Read the The Bancorp MD Jeremy Kuiper on The Bancorp’s Finetics blog.
Daniel Smith, Director of Relationship Management, Basset and Gold interview: “Consumer demand for new and innovative forms of finance is soaring”
Basset and Gold has announced the launch of its new Innovative Finance ISA (IFISA).
CEO and Co-Founder of Payworks Christian Deger explains how developing partnerships between SMBs and VARs is benefiting the industry.
Amin Lalani, CIO Executive at Huawei Western Europe, explores the rise of self-serving banks.
A new case study by Payment21 payout solutions explores how gaming merchants can expand market shares and realize the potential of a new target group.