A prepaid card is a card that serves as an alternative to carrying liquid cash. The prepaid card owes its development to the desire for people to carry less cash around or control their spending. Besides the world as it currently stands is going cashless and financial institutions are constantly encouraging customers to get a prepaid card.
A prepaid card is like a top up card. It is not a credit card that gives you a spending limit as long as you can show liquidity to meet your outstanding obligations. In using a prepaid card, a customer tops it up with cash that he or she intends to spend within a given period and when the money is used up, he can choose to re-top it with cash.
An open loop prepaid card has a network logo on it, examples are visa, master card, American express and discover. These cards can be made use of, at any location that accepts that brand.
A closed loop prepaid card can only be used at certain locations, they don't usually have a network logo on them. Which means a close loop card might be useful only at a specific store or a group of stores or on your public transport system.
Visa as an establishment has the requisite experience and expertise to ensure that your desire to have a co-branded card program not only comes to light, but also succeeds. We have a team of financial experts who are tasked with helping merchants and retailers not only develop their co-branded business plans, but also prepare a request for proposal to potential issuers.
Young teenagers who are not generally eligible for a credit card can get a prepaid card. It can also be used as a tool to encourage a better saving culture in young adults.
A major advantage of having a prepaid card is that it is a viable alternative to having raw cash on you. It works perfectly for those who may want to keep their purses a little neater, or are too busy to go to the bank to withdraw cash.
The benefits are indeed immense and there is little doubt that in the coming decades we would have a huge spike in prepaid card usage worldwide. The world is changing so are our habits towards money and making payments, it is hoped that there would be effective governmental regulation to ensure that prepaid card providers adhere to best industry practices.
A prepaid card is like a top up card. It is not a credit card that gives you a spending limit as long as you can show liquidity to meet your outstanding obligations. In using a prepaid card, a customer tops it up with cash that he or she intends to spend within a given period and when the money is used up, he can choose to re-top it with cash.
An open loop prepaid card has a network logo on it, examples are visa, master card, American express and discover. These cards can be made use of, at any location that accepts that brand.
A closed loop prepaid card can only be used at certain locations, they don't usually have a network logo on them. Which means a close loop card might be useful only at a specific store or a group of stores or on your public transport system.
Visa as an establishment has the requisite experience and expertise to ensure that your desire to have a co-branded card program not only comes to light, but also succeeds. We have a team of financial experts who are tasked with helping merchants and retailers not only develop their co-branded business plans, but also prepare a request for proposal to potential issuers.
Young teenagers who are not generally eligible for a credit card can get a prepaid card. It can also be used as a tool to encourage a better saving culture in young adults.
A major advantage of having a prepaid card is that it is a viable alternative to having raw cash on you. It works perfectly for those who may want to keep their purses a little neater, or are too busy to go to the bank to withdraw cash.
The benefits are indeed immense and there is little doubt that in the coming decades we would have a huge spike in prepaid card usage worldwide. The world is changing so are our habits towards money and making payments, it is hoped that there would be effective governmental regulation to ensure that prepaid card providers adhere to best industry practices.
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The benefits of having a Visa co-branded credit card should not be over emphasized. In this era of competition between retailers, having a co-branded card program is one way to stay ahead of your competitors, whilst rendering the best services to your customers.
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