In 2008, Mercator estimated total prepaid volume across the world’s top 30 markets was US$762.2 billion across six major segments.
A 2010 study by MasterCard and Boston Consulting group predicts that the total value (US Domestic) of branded prepaid cards (ie. open loop) is expected to surpass $440 billion by 2017, nearly quadrupling its estimated value of $120.2 billion in 2009.
Clearly, the market for prepaid cards is exploding. How will your business capture a share of this growing market?
Why Prepaid?
Prepaid cards offer an enormous opportunity for businesses and banks to capture new revenue streams, enhance brand loyalty and deliver value.
The start of any pre-paid program is the business case:
Who is your target customer?
What is your value proposition?
How will your program compete in the market?
Obviously, pricing is much different for an employee card than one targeted to your customers, and this needs to be factored into any decisions about the type of program being implemented.
hyperWALLET can create multiple programs and sub-brands, each with unique capabilities. You control the brand, fees and services, while we handle
the rest.
Prepaid Card Programs
Prepaid Card Opportunities
Pre-Funded: As a “pay first” business model, prepaid cards help manage and limit user spending from the beginning of the transaction chain.
Spend Control : Users can only spend the amount of funds pre-loaded onto their cards and thus fraud, debt and overspending can be significantly reduced or eliminated.
Privacy & Security: Prepaid cards do not require a bank account, providing exceptional privacy and security benefits.
Branding & Loyalty: Prepaid cards are easily brandable and can help organizations extend brand equity internally or into the marketplace, to drive customer/staff loyalty and retention.
Since 2000, hyperWALLET has been a leading provider of card solutions. We are a vertically integrated program manager to world-class customers globally.
hyperWALLET’s integrated prepaid card service is designed for businesses, governments and NGOs who need to provide unbanked or temporary beneficiaries with additional value redemption options.
Unified Prepaid Card Programs
Multi-currency:
hyperWALLET is a global program manager of pre-paid cards in multiple currencies.
Integrated: Our clients focus on brand -- we focus on delivering everything you need to launch a prepaid card, from fulfillment to multilingual customer support.
Control: hyperWALLET provides a flexible multi-lingual, multi-currency white label platform which provides you with control over brand, services and fees.
Flexible: Our flexible prepaid card programs allow any business to develop and launch multiple pre-paid programs, from a USD consumer gift card to a reloadable remittance card in a foreign currency.
Issue cards in local currency
hyperWALLET's domestic prepaid card service is underpinned by multiple integrated bank partnerships, in which all cards are issued in local currency through local regulated financial institutions.
This approach greatly reduces beneficiary and program costs when compared to dollar-denominated prepaid cards that are issued by a U.S. bank and utilized by a foreign beneficiary.
Locally-issued card products are not subject to foreign exchange levies (often in excess of 5%), nor do they attract high “foreign” ATM withdrawal fees.
Remain fully compliant at all times
In addition to program cost savings, hyperWALLET's service ensures that sponsoring organizations remain in
compliance with local financial and “Know-Your-Customer”
(KYC) regulations, as well as card network issuing policies.
Integrated Pay Portal
hyperWALLET’s integrated, self-service Pay Portal provides cardholders with
account access across online, mobile, in-person & IVR channels.
Cardholders can easily check account balances, transaction history, enable
payment notifications, and manage their spending via a white-label Pay Portal
that reflects your organization's brand in the marketplace.
Benefits
Enable enhanced prepaid card programs
hyperWALLET's prepaid cards provide both the cardholder and business with significant benefits:
For Cardholders
Reduced fees (compared to debit)
Cardholders are protected – they can only spend money that’s on their card
Cardholders get immediate access to funds 24hrs/day, 7 days/week, 365 days/year
Mobile balance and transaction alerts
Reload/Auto replenish
Multi currency
Multi language support
Convenience - access cash anywhere, anytime through worldwide ATM and POS
Eliminate the need to carry cash or checks
Cardholder funds are protected by a personal, private PIN (Personal Identification Number)
Customer support available by telephone, email and via secured website
Cardholders can view and track transactions and balances via an online account or mobile phone
Cardholders can easily report a lost or stolen card through a toll-free 24/7 hotline
For Business
Provides an instant and cost effective recurring payment option for your employees, agents and beneficiaries
Reduce dependency on checks, save time and lower administrative costs
Improve expense management with reloadable prepaid cards and control spending
Increase efficiency of your cash management strategy
Easy and efficient instant activation of prepaid cards via secure web interface
