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Article: Branding, Customization, and Other Keys to Success in Prepaid Cards.
- Article from:
- American Banker
- Article date:
- July 9, 2004
- Author:
CopyrightCOPYRIGHT 2004 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Last year U.S. consumer spending with plastic cards exceeded spending with all other forms of payment for the first time.
Though this is a significant milestone, the credit card industry has barely scratched the surface in alternative payment methods. Prepaid cards promise to be the next wave in card-based payments. TowerGroup (a subsidiary of MasterCard International) predicts it will be a $347 billion business by 2007.
Though the opportunity is huge, the business is far more complex than it seems and requires considerable investment as well as specialized capabilities. And there are risks.
Many opportunities in prepaid are already being ...