Credit Card Issuers Entertaining Prepaid - Credit card issuers are faced with a two headed monster of decreased credit card spending among their cardholders, and also the decreased likeliness and ability to offer lines of credit to new customers. This growing pressure on the credit card industries revenue must be made up from other sources, and prepaid services are a solid way to leverage existing competencies and create these additional revenue streams.
An industry expert in the prepaid debit card industry stated, “The evolution of the prepaid debit card segment will be driven by consumer needs and technology innovation that enhances functionality and security. Prepaid program managers that continuously expand their offerings and essentially provide flexible solutions will enable prepaid debit card users to strengthen and deepen their financial stability”.
Figures vary, but by one industry estimate 10 million American households have no bank account. Plenty of businesses sell financial alternatives to the unbanked consumer, many requiring the consumer to visit a physical location to make a transaction and wait in long lines during peak hours. In recent years, prepaid debit cards have allowed traditional banking services to non-traditional or underserved financial consumers, allowing for convenient home based or mobile transactions.
Another clear advantage of prepaid debit cards is allowing the underbanked to participate in the ever growing internet commerce market. The ability to shop online for merchandise as a traditional credit card consumer does allows for more e-commerce growth and socio-economic expansion.
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