Unbanked prepaid Credit Cards
According to Visa, the un-banked / undeserved is estimated to be valued at 803 Billion Euro, which includes payroll, basic banking, Government disbursements, youth and remittance spend.
It is estimated that 11 percent of the UK population are un-banked.
Un-banked (or under-banked / underserved) is the segment of the population that choose not to have, or cannot get a regular bank account. Prepaid credit cards form an excellent replacement for the surprisingly high number of un-banked individuals.
With the prepaid cards gaining momentum around the world as the optional solution this is a perfect solution for the un-banked community, as well as promoting financial inclusion for the cardholders. Plus giving the traditional functionality of debit/credit cards
Prepaid credit cards play an important role in the un-banked sector ensuring that cardholders get the flexibility to shop online or over the phone and at retail outlets with the convenience and safety of paying with cards. Also they benefit from having their wages paid in to an account which is safer than getting it in cash.
Prepaid card solutions can be used at all retailers accepting debit / credit cards to pay for goods up to the value of the funds on the card. The card can be topped up with funds as and when the cardholder’s needs to use it.
Benefits for the cardholder?
18% of all spend on European open loop (scheme branded card) prepaid cards can be attributed to the un-banked market.
deposits can be done daily, weekly, bi weekly or even monthly. Plus until your customer withdraws the funds, the float will earn interest for you as funds are usually held at a MasterCard settlement account.
Flexible and Versatile
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