Company Says UK Consumers Should Look at Prepaid for Online Payments

by Ben Jackson 0

In an interview tithe the UK tech news site ITProPortal, paysafecard CEO UDO Mueller says that prepaid cards can protect online shoppers and merchants better than other forms of payments.

Prepaid products bring new target groups to online businesses which were previously unattainable via other payment methods. With prepaid payments, businesses can help ensure that they never end up out of pocket. However, a challenge that generally comes with prepaid solutions that are not linked to a bank account or credit card is straight-forward payouts to customers. This new payout functionality enables online businesses to make payouts to their customers in real-time without needing a bank account or credit card.

Prepaid providers in the United States have observed customers buying open-loop prepaid cards for online shopping and bill payments. Prepaid cards provide a way for customers to make online purchases without exposing bank and credit card credentials, and the loading means that they are can control their budgets with a hard stop on the amount that they spend. This is one of the primary benefits of prepaid cards and prepaid purses on mobile phones and other devices.

It is likely that there will be increased adoption of prepaid cards and devices by merchants and individuals as technology advances and provides more opportunity for allocating and tracking funds designated to specific purposes.

Overview by Ben Jackson, Director, Prepaid Advisory Service at Mercator Advisory Group

Read the full story here