PrestigePay focuses on SMEs and innovative features for retail consumers to drive revenue growth

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With prepaid cards witnessing a high growth rate in the US, competition is becoming intense in the category. Card issuers are trying to attract customers by offering innovative features and services. An emerging trend being witnessed in the country is the high rate of adoption of prepaid cards by small and medium-sized businesses (SMEs) as a tool to help them simplify their processes and control costs.

In October 2015, PretigePay, a company offering prepaid cards in the US, launched a new website to provide retail consumers with an easy to navigate interface and valuable product information and self-service tools.

The company is also offering an Early Access program, which provides PrestigePay cardholders access to their Federal Benefit payments up to four days earlier than the standard date of delivery. A Cash Back Rewards program provides users targeted offers based on their spending history. PrestigePay has been integrated with Ingo Money to allow cardholders to cash a cheque on their mobile devices and receive the funds. A new mobile application has also been launched enabling cardholders to view transaction history and checking of their account balance on the go.

To target the growing number of SMEs incorporating prepaid cards into their in-house financial systems as a tool to save costs and automate business operations, PrestigePay launched PrestigePay Business prepaid card. This reloadable prepaid card was designed exclusively for business owners who require a system to help them manage expenses and control employee spending.

The prepaid card market in Gross Dollar Value terms increased at a CAGR of 18.5% during 2011-2015. Over the forecast period of 2016 to 2020, the category is expected to record a CAGR of 14.5%, increasing from US$ 5,44,823.2 million in 2016 to reach US$ 9,36,607.9 million by 2020.

Prepaid card issuers will aggressively target SMEs and promote prepaid cards as a tool that assists in saving money, by reducing administrative expenses. PayNXT360 expects this market segment to see high growth, thereby encouraging new players to enter the market. Focus will be on offering value-based, innovative products and services to SMEs to attract new clients and maintain competitiveness in the market.

To know more and gain deeper understanding of prepaid card industry in the United States, click here