Visa Europe Introduces Partial Authorization and Balance Return for Prepaid Cards

by Mercator Advisory Group 0

To make prepaid cards more appealing and convenient, Visa Europe now makes it possible for consumers to place remaining balances on a Visa prepaid card (in combination with other payment methods) to complete a transaction.

Given that prepaid card products such as Visa Prepaid are typically linked to finite funds, cardholders need to keep a close watch on their spending. Partial Authorisation means consumers can use all of the funds available on their card in combination with another payment method for purchase amounts that are greater than the available card balance, while Balance Return ensures cardholders are made aware of their remaining card balance through a printed reminder on sales receipts after each transaction.

Fiona Duncan, Head of Prepaid for Visa Europe said: “… Ultimately, these services make it easier for issuers, acquirers and merchants to accept Visa Prepaid cards as partial or full payment for goods and services.

Both services are immediately available to Visa Europe members and their acquiring partners following successful trials in Poland and Italy.

The European prepaid card market is booming –especially for open-loop products that carry card networks’ logos. Visa Europe and MasterCard currently dominate the market as emerging European card networks are getting on their feet. For Mercator research on Global Prepaid Market, click here.

Read original story here: http://www.finextra.com/news/announcement.aspx?pressreleaseid=41370