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Prepaid Industry Global in Scope
WildCard Systems, a leading provider of prepaid e-payment solutions, recently announced details of its global alliance with Visa International to offer prepaid card products to a wide range of customers around the world. It should be a lucrative partnership if Visa's estimation of a possible $2.3 trillion market for prepaid customers holds true.
The latest product is a prepaid travel card that will be offered to 10 million outbound Chinese travelers. The product is one of more than three-dozen different Visa prepaid products being offering in nine different countries in cooperation with WildCard. Other examples include:
Other travel cards have been offered to people in Russia, India, Venezuela, South Africa, Luxembourg, and other areas of the world. These cards allow consumers to make purchases wherever the Visa Flag or Visa Electron cards are accepted and to access funds through Visa PLUS automated teller machines.
Money transfer cards allow persons living in one country to send funds to friends or families in other locations. Currently Visa and WildCard have programs for remittances in Mexico and the Dominican Republic.
Global employers in several countries can use payroll and expense cards to pay their global employees or pay them for expenses incurred on the job.
Employers in the U.S. and Brazil are using incentive cards to reward and recognize employees.
The Visa Buxx card, a prepaid card parents can give their teens for making purchases, is being expanded from the U.S. to Latin America.
Visa and WildCard have been working together on these programs since 1999.
Copyright © 2004 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 14, No. 2, 5/05
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