Prepaid cards, including payroll cards, remittance cards and gift cards, are a viable revenue stream for financial institutions of all sizes. In a press release, Postilion revealed that total spend on all prepaid products, for open-loop prepaid programs, was $14.1 billion in 2005, with further predictions for the prepaid market to hit $43.8 billion by 2009.
We have spent years searching for the best partners and have navigated the legislative landscape so we could offer prepaid cards to both our customers, as well as unbanked and underbanked individuals, said Brud Baker, president of Central National Bank of Enid (CNB). Now, with Postilion, an exceptional partner in providing card management solutions, we are taking it to the next level, and offering other financial institutions our knowledge and understanding to help them deliver their own bank-branded prepaid card solutions.
The card programs enable organizations to increase transactional revenue by targeting the 84 million underbanked and underserved individuals living in the US and moving them from transitional consumers to more traditional customers. CNB’s successful prepaid card programs include a remittance product pilot program with a large retailer. The program is now being expanded to include over 300 of the retailer’s stores.
