Significant Growth Ahead for Prepaid Products - Report
Prepaid payment applications bankcards are on the cusp of break-out into the broader global payments marketplace, according to research from TowerGroup. The findings suggest that this rapidly evolving payment category is in the early stages of a long-term expansion that will impact consumer, business and government use of cash and check payments, according to the firm. TowerGroup noted that the early success of prepaid applications in closed environments like telecom and retail gift cards will lead to a new variety of opportunities over the coming decade. In particular, TowerGroup predicted an uptake where enhanced user convenience and control are key, cash and checks can be displaced, or existing credit and debit card products are a poor fit.