Explosive growth
The programme, developed by Business Solutions, a subsidiary of American Bankers Association (ABA), now has 45 banks issuing cards in around 600 branches around the US (view press release). The programme is serviced by prepaid card processor TransCard and was created to provide a bank-branded, prepaid solution for ABA members. Prepaid cardholders can take advantage of features such as using their mobile phone to check their balance and setting up to receive a text message when a transaction is made or the balance is running low.
Bill Kroll, president of Business Solutions, says “regardless of size, banks want to provide the latest products in payment cards… Many people see prepaid cards as a safe, convenient alternative to cash and the banks offering these cards are seeing explosive growth.”
Whitepapers
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