Prepaid cards are the “apps” of the card world. Join George and Fiserv’s Head of Prepaid Dom Morea as they introduce prepaid’s twin modalities - open loop and closed loop - and then dive into how the gift card industry has morphed into a far broader set of uses cases. And plan to return for the next episode as they discuss open loop’s evolution.
Card payments have four modalities:
Both of these are products that we buy as consumers or businesses. And we’re paying with money we don’t have at the moment of the transaction. They are “pay after” products.
Prepaid is used in two different manners
Prepaid is big business. Go into any chain drugstore and you’ll see a rack with both open and closed loop prepaid cards for sale. For years, the physical footprint of that “prepaid mall” has been the most profitable square footage in the store.
The prepaid world has some very interesting dynamics. Unlike credit card products that may be issued to millions of cardholders and used for all kinds of purchases, a prepaid program may only serve a few thousand and may be locked down for special purposes.
The Apps of CardsThat’s why we think of prepaid as the “apps” of the card world. Prepaid lends itself to some very specific use cases and program types.
In this first of two interviews with Dom Morea, Fiserv’s Head of Prepaid, we cover closed loop prepaid and some of the new and growing use cases Fiserv has supported, often driven by COVID-19.
Here’s Dom discussing B2B use cases for closed loop prepaid programs:
Read the Transcript
Expert payments industry commentary
The latest Payments News Subscribe
COVID-19 Payments Industry Impact eBook
Episode 179 - Understanding US Payment Regulation with Jennifer Aguilar, Alston & Bird LLP
Episode 178 - Tokenization
Episode 177 - Fanning the Flames: Durbin-Marshall Credit Card Competition Act
Episode 176 - Fanning the Flames: PaymentsEd Forum 2022
Episode 175 - Delegated Push Payments, Russ Jones
Episode 174 - Fanning The Flames: Proof Of Work Consensus Algorithm
Episode 173 - Fanning the Flames: NFTs
Episode 172 - Fanning the Flames: Fast Payments on the African Continent
Episode 171 - How Wallets Are Transforming The Global Payments Landscape And What Merchants Should Do About It - Chuck Huang, Citcon
Episode 170 - No turning back at the crossroads of embedded finance and the metaverse - Ahon Sarkar, Helix by Q2
Episode 169 - Catching Up On The State Of Payments - Robin Gandhi, Nium
Episode 168 - Fanning the Flames: NACHA Smarter Faster Payments 2022 - Elizabeth McQuerry & Cici Northup
Episode 167 - Combating Fraud - Patrick Chen, SpecTrust
Episode 166 - Payments Trends & Best Practices - Casey Klyszeiko, Fiserv
Episode 165 - Fanning the Flames: Global Payments - Elizabeth McQuerry & Joanna Wisniecka
Episode 164 - 5th Annual RTP Network Update
Episode 163 - Payments Infrastructure and Foreign Policy
Episode 162 - Stablecoins, Cross-border Payments & Interoperability - Ran Goldi, First Digital Assets Group
Episode 161 - AI-ML and Bias - Ismini Psychoula, OneSpan
Episode 160 - Innovation in Payments Workshop - Russ Jones, Glenbrook Partners
Create your
podcast in
minutes
It is Free
The Commercial Edge: Unleash the Power of People
The emPOWERed Half Hour
U.S Property Podcast
Aligned Money Show
Gorse Culture PODcast : The H.R. Detective Agency!
The Ramsey Show
Planet Money