The growing needs of customers together with advancements in mobile commerce and eCommerce have given prepaid products a competitive edge. However, product differentiation has never been more important than it is now. Paul Stanley, Senior Vice President of First Data Innovation and Solutions Group, discusses.
Banks and retailers view card-based prepaid products as an opportunity to enter new markets and improve brand exposure, as well as a marketing tool to increase their revenue and drive loyalty. For consumers, prepaid offers benefits that include security and convenience.
Today, there is much more available than just plain “vanilla” prepaid programs. Take all the advantages of card-based prepaid programs and crown them with a few truly differentiating features: mobile- and Web-enabled payment methods with increased payment options for consumers.