Prepaid cards provide a number of benefits for corporate, public sector organisations and consumers.
For corporate and public sector organisations prepaid cards provide the opportunity to improve controls, reduce costs, increase flexibility, facilitate easier access to information, and simplify administration of existing payment processes. In addition prepaid cards provide opportunities for businesses to improve their interactions with their customers by using prepaid cards to:
- Enable opportunities to take advantage of new market and develop new revenue streams. For example by launching new products such as travel money cards.
- Improve service with existing customers and to attract new customers by improving existing payment processes and / or providing a superior method to deliver incentives.
For consumers prepaid cards provide the following opportunities:
- Provide a budgeting mechanism; in the same manner in which many consumers have used prepay mobile telephones.
- For financially excluded or underserved individuals to gain access to a payment card with the same acceptance and usage as credit and debit cards.
- Improve security by replacing cash for retail purchases as well as replacing debit and credit cards for e-commerce purchases.