Prepaid card solutions deliver excellent money distribution systems for corporate and public sector organisations. These include the ability to improve the cost, efficiency, administration, control and access to information in managing payments such as employee expenses, payroll (replacing cash and cheque payroll), supplier payments, purchasing activities as well as disbursements such as benefits and incentives to employees, citizens, and customers.
Prepaid cards allow businesses to improve the way they manage payments with their customers (for example, insurance companies using prepaid cards to pay and control claims) as well as enabling access to new markets through launching new services (such as travel money cards to replace travellers cheques) which otherwise may have been inaccessible.
For consumers prepaid cards can facilitate financial inclusion providing new opportunities for an estimated 42% of UK consumers who cannot access credit or have a compromised credit history. The experience of prepaid mobile telephones (60%+ of the UK market is prepaid) in the UK has shown that consumers like prepaid especially its budgeting and control capabilities. In addition, the UK has a growing migrant population which can use prepaid as an entry point into banking services.