When it comes to social assistance payments, many government agencies are challenged to achieve 100% electronic benefit distribution due to low direct deposit participation among benefit recipients. The reasons for this often include transient demographics, or serving “unbanked” citizens.
As a result, government agencies face inflated administrative costs and decreased efficiencies due to paper-based check production and distribution, while social assistance recipients typically rely on expensive check cashing services to obtain their funds, which erodes much of the benefit that is rightfully theirs.
hyperWALLET provides comprehensive electronic benefit distribution solutions for governments that address:
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The hyperWALLET platform allows your government agency to:
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To help recipients better manage their payments, hyperWALLET provides registered cardholders with a variety of account access methods, including:
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One of the major benefits of prepaid cards is that they do not allow benefit cardholders to get into debt, as only transactions up to the balance loaded onto the prepaid account will be authorized at the time of the transaction.
Since funds are loaded into a Prepaid account (and not onto a credit card), there are no interest charges, late payment or over limit fees. In actual fact, beneficiaries don’t even need to be 18 to apply for one!
For government agencies that have pension payment obligations to citizens residing out of the country, the hyperWALLET payment distribution platform and integrated banking settlement networks around the world provide an efficient, cost-effective, and beneficiary-friendly payment service.
With hyperWALLET, governments can:
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