Prepaid cards is a standalone business line which offers a convenient and alternative payment solution to the growing number of un-banked or credit risk challenged segments of the global population. A burgeoning multi-billion dollar industry, the pre-paid market is still relatively young and brings distinctive complexities in terms of adhering to, and defining, regulatory compliance, transactional pricing and in implementing the technology and operational infrastructure necessary to facilitate secure and convenient payments. Unlike stored value cards, pre-paid cards typically link to an account or database which is used to authorize the payment, and which enables the cards to be used by an employer, or governmental body to issue or distribute funds.
The Pre-Paid market is growing rapidly across the globe as retailers, banks and governments explore the huge profitability potential of reaching un-banked customers. Demand for talent across the areas of product, marketing, technology, operations compliance, finance, risk and fraud in this area is fierce and we expect this market to be particularly active over the next few years.