The popularity of prepaid credit cards continues to grow at an impressive rate. Initially thought of as a product for the “unbanked” or “under banked,” prepaid cards have become mainstream. In 2011, consumers loaded about $460 billion onto prepaid cards. By 2016, the amount of money added to prepaid cards is expected to mushroom by almost 50 percent to nearly $685 billion.
With this amount of money at stake, the competition in the prepaid market is fierce. Companies with divergent business models are developing unique strategies and programs designed to attract consumers from across the social. Many of these organizations are new to payments market. Others are well known in the industry for their credit and debit card presence. This competition is creating more “choice” for the customer and putting pressure on the fees associated with prepaid cards.
RS Software understands today’s payment environment because it has participated in its evolution. We provide solutions that streamline the processes around issuing, loading and reloading cards across multiple channels. Our expertise includes years of experience improving security, compliance and fraud management in prepaid programs as well as delivering value added tools that improve tracking of key performance indicators and other vital analytical data.