Prepaid Marketing for Online Success

Analysts and prepaid card “experts” around the globe have been arguing that the prepaid cards are coming of age. They quote figures about growing acceptance in corporate and government circles. They talk about all the wonderful applications of prepaid which are driving cost reduction and efficiencies (or are at least claiming to) with in business circles and they talk about prepaid coming of age.

I, for one, strongly disagree have strong reservations about this statement!

Having been at the forefront of prepaid development with a number of prepaid card providers, I think, the market is still barely past its infancy. The prepaid industry has definitely developed in leaps and bounds.Key indicators of the growth would be

• The providers are more secure in their business models
• The companies providing these services are more professional in their approach
• The underlying technology and backend services are more secure and scalable

I’d say business prepaid is sort of coming of age as corporates and businesses are beginning to understand the proposition a lot better but until the end consumer truly understands the prepaid proposition and benefits from it – there is quite a bit to do.

Have seen, read, reviewed and dumped enough prepaid value propositions which make perfect sense and are 100% clear in a board room amongst Financial Services  professionals with our “consumers” hat on which are still incomprehensible to the actual consumer.

Interestingly enough, every time someone is interested in knowing where I have spent the last 4-5 years, I almost always find myself in a 5 minute discussion explaining prepaid cards, the industry and almost inevitably have to start and finish with “gift cards” – a proposition which consumers do understand!

So I’d say “the prepaid industry is coming of age” but there is a long way to go with regards to consumer propositions and consumer education before we can really say that prepaid cards have come of age!

For me personally, the process of education online begins through the blogs, the forums and better informed prepaid FAQ’s!!

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