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Prepaid debit cards

 

BPS

 

Prepaid debit cards were developed by Visa and MasterCard as an alternative payment system to cash and checks. The prepaid cards are many times used by people without bank accounts or credit cards or simply as an alternative payment option for everyone. A prepaid card issued by one of the Associations, can be used at any retailer where Visa and/or MasterCard are accepted. Cash can also be withdrawn at millions of ATM machines carrying the Association logo. A “prepaid” card is not associated with an individual’s personal bank account and carries no credit line. In order for it to be of value, funds need to be loaded onto it.

 

Roughly 11%-12% of the users of the BPS platform order a prepaid card when they setup their e-Wallet. This 

varies by country but it typically means that these people do not

 have a bank account or credit card or simply want to segregate their funds. The prepaid debit card is not subsidized by a bank or others so it requires the user to pay fees for use. While BPS fully supports the use of a number of pay cards on the system, we have found that, when given the choice, a person with a bank account would rather transfer funds to bank versus to a card. It is of

 great value though to anyone who is under banked or is credit challenged.

 

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