Giftcards might be the most commonly known form factor of prepaid, but with healthcare, payroll services and financial inclusion just three areas where prepaid is accelerating it’s clear this industry is just getting started. Speaking during an interview in the Finetics™ Studio at Money 20/20 in Las Vegas, Jeremy Kuiper, MD at The Bancorp, shares his insights on the promise, challenges and evolution of prepaid.
“There are three platforms: credit, debit and prepaid,” says Kuiper. “Prepaid is very unique and different from all the others in the sense that it is really a mechanism of facilitating alternative ways of facilitating payments and a variety of products and verticals are available – very different to credit and debit.
“As a result of that it’s really evolved in terms of some very unique applications in the payments space. It’s been a lot of fun creating and having that platform and ability to innovate and create new payment technologies.”
Access Jeremy Kuiper’s full interview, plus more insights on prepaid from Blackhawk Networks President Talbott Roche, American Express EVP and GM Stefan Happ, Brightwell CEO Ken Goins , CEO and president of the Network Branded Prepaid Card Association Brad Fauss, People’s Card Services president Peter Read and CEO and president of the Network Branded Prepaid Card Association Brad Fauss on The Bancorp’s Finetics blog.
In this guest post, Anthony Walton, CEO of Iliad Solutions, explores how businesses and regulators can increase the safety and efficiency of transactions, and introduce technological advances into the system.
Payment terminals have stayed the same over the last 10 years, with steady advances in contactless and mobile wallet transactions. Retailers and brands are making a conscious effort to get closer to consumers.