Banking the underbanked, helping people manage their debt and take greater control of their finances: the benefits of prepaid are manifold. Yet there’s still a lot of education that needs to happen if consumers and businesses are to really take advantage of the technology. That’s according to the president of Canada’s People’s Card Services at least.
Speaking during an interview in the Finetics™ Studio by The Bancorp at Money 20/20 in Las Vegas, President Peter Read talked about the need for education about the benefits of prepaid and shared his thoughts on what’s ahead for the industry this year.
“What I’d like to see is the continued collaboration to bring about strong education of the public to what it can do,” says Read. “Prepaid is very good at bringing the underserved and those who are excluded from the financial community into the mainstream. Meanwhile it’s good for those who are in the mainstream to help them budget.
“In Canada where we as individuals are very highly in debt…prepaid is a tool that can be used to help people stop getting more deeply into debt.”
Access Peter Read’s full interview, plus access more insights on prepaid from Blackhawk Network President Talbott Roche, American Express EVP and GM Stefan Happ, Brightwell Vice Chairman Ken Goins, CEO and president of the Network Branded Prepaid Card Association Brad Fauss and The Bancorp MD Jeremy Kuiper on The Bancorp’s Finetics blog.
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