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 159 - The Top KPI of International E-Commerce - Ralph Dangelmaier, CEO, BlueSnap
Episode 158 - The High Pain of Push Payment Scams - PJ Rohall, Featurespace
Episode 157 - Experts Deep Dive on Financial Health and Inclusion
Episode 156 - How to Make Financial Health a Reality - Mimi Joy, Financial Health Network
Episode 155 - Enabling Payments Operations and the Multiplayer Fintech Ecosystem - Dimitri Dadiomov and Rachel Pike, Modern Treasury
Episode 154 - Fighting Disruption in Merchant Services with Payments Tech - Kyle Pexton and Nick Starai, NMI
Episode 153 - How to Make B2B Payments in a Few Lines of Code - Brady Harris and Adam Steenhard, Dwolla - Payments on Fire® Fintech Series
Episode 152 - The Fast Payments Imperative - Elizabeth McQuerry, Glenbrook and Craig Ramsey, ACI Worldwide
Episode 151 - The Fintech Network Built for SMB Payments - Marwan Forzley, Veem
Episode 150 - How a Fintech Speeds the Logistics Industry - Robin Gregg, RoadSync
Episode 149 - Bringing Data to Secure A2A Transactions - Eli Polanco, Nivelo
Episode 148 - The Fintech Bringing Crypto and Diem to Payments Users - Ran Goldi, First
Episode 146 - Multiplayer Fintech Builds a Winning B2B Service - Robin Gandhi, TripActions
Episode 145 - GPay's Impact on Every Stakeholder: Way More Than a Wallet - Steve Klebe, Google
Episode 144 - Innovation in Fast Money: 4th Annual RTP Network Update - Steve Ledford, The Clearing House
Episode 143 - The Buy Now Pay Later Challenge to Credit Issuers - Chris Bixby, Sezzle - Payments on Fire® Fintech Series
Episode 142 - Don’t Miss Out on Faster Payments, The Next Big Shift in Digital Payments - Russ Jones, Glenbrook Partners
Episode 141 - The Data Driven Money Supply Chain - Keith Smith, CEO, Payability - Payments on Fire® Risk Series
Episode 140 – Finding Fraudsters at the Front Door - Robert Capps, NuData Security - Payments on Fire® Risk Series
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