Prepaid Card: The Future of Payments
Prepaid cards are launched in the business market to fulfil the payment needs of industry processes or customers being it gifting, payroll processing, healthcare reimbursements, employee incentive processing, and consumer transit.
The market size of prepaid card is projected to grow at a CAGR of 22.7% from 2016 to 2022 and it is expected to reach US$3.1 trillion by 2022. The global prepaid cards market is driven by factors such as increase in growth of financial needs, digitalization, ease of access, online transactions, innovation in prepaid card features and growth in demand for cash alternatives.
What makes prepaid card popular?
- Prepaid Card Acceptance: All the prepaid cards carry a logo of a network provider such as Visa, MasterCard, or RuPay. Any retailer who accepts the debit or credit cards also accepts the Prepaid Cards.
- Theft Protection: The Prepaid MasterCard or Visa cards come with FDIC protection, similar to checking accounts. If any mishap happens with the prepaid card, one need to report the deceitful charges to the prepaid card company so that they can assess liability and assist you with further fraud prevention measures. Carrying cash doesn't offer much better protection. When you use cash in front of other people, you run the risk of drawing a mugger's eye. Stick to convenient Visa, RuPay or MasterCard prepaid cards to stay safe from any mishap.
- No Debts: Going into debt can send you into a financial fall which will end in bankruptcy or maybe worse. If one has a tendency to overspend, consider a Visa Prepaid Card or a Prepaid MasterCard as a convenient way to manage your money. Since one is not buying items on credit, simply use the cash one has loaded onto the prepaid cards.
- Contactless Transactions: The Tap and go feature of Prepaid Cards reduces the hassles of payments such as dip or swipe. Such prepaid cards are a boon at the time of worldwide pandemic such as COVID-19.
Introduction to MSS Payments prepaid card
MSS Payments prepaid card enables companies to launch prepaid cards on their own white labelled payment infrastructure. The payment platform also empowers companies to offer a suite of prepaid card services to cover multiple range of customers in the market. The solutions have been offered to various corporate groups for transferring TA, DA, reimbursement, bonus & various payments of employees to white labelled prepaid cards.
Why MSS Payments prepaid cards?
One of the major hurdles that companies face to launch prepaid card service is connecting prepaid card processer and BIN provider. MSS Payments is aware of the challenge so it has tied up with prepaid card processer and BIN provider which help in smooth launching of the service. The company helps its clients to get connected with bank for BIN and allow them the freedom to launch the network prepaid card of their choices.
The complexity for end users in performing transactions like bill payments, mobile top-up etc. is another big challenge. The user module of MSS Payments prepaid card which can be easily accessed using smartphone and desktop provides easy access to its customers to perform such transactions and also helps in transferring funds to mobile wallet, gift prepaid cards.
Another challenge for businesses is tracking of the revenues. Admin module of MSS Payments prepaid cards comes to rescue in this regard. Clients can run the entire show and track their revenues with extra features like generating coupon code for cashback & loyalty programs, generating merchant transaction reports, approve prefund request for corporate & groups, user management and many more.
If you are a corporate group who wants to serve the end customers or use prepaid cards for your own business cases such as onboarding program manager & launching your own forex travel prepaid card, MSS Payments prepaid card is the best payment platform available in the market.