In the latest Power of Prepaid Podcast, I interview a true expert on the prepaid industry – a cardholder.
This opportunity came about because some friends on Facebook were talking about how they were finding cash that they had left in their pockets. A friend of a friend chimed in that she uses a prepaid card in part to avoid that kind of thing, but mostly to make sure that she adheres closely to her budget.
I reached out, and we had a conversation about why she chose to use a prepaid card and how it works for her. She also talked about how much using a general purpose reloadable card has cost her over time (Spoiler alert: $7 in 4 years).
Our guest uses an Akimbo card, which is issued by Sunrise Banks. Her opinions are her own and are not sponsored by any company. They do not represent the Association. As with all our podcasts, our features do not constitute an endorsement of any product.
Please listen, subscribe, and review our show wherever you get your podcasts. You can also listen at our website.
In the past year or so, the prepaid community has expanded through new products, perks, and partnerships. PayPal and Mastercard rolled out a prepaid card which links to a user’s PayPal balance; Green Dot, Apple, and Discover are launching a virtual prepaid card; and, most recently announced, Starbucks, Visa, and Chase are creating a prepaid card linked to Starbucks rewards.
Look how far the industry has come: major retailers and technology companies are joining the prepaid community by unveiling prepaid products with impressive benefits and uses.
Not to toot our own horns, but these alliances are a result of the effort the NBPCA has put into making the prepaid rule workable so the environment to innovate remains welcoming and open. If companies had to jump through overly burdensome hoops in order to introduce a new product, it might have kept them from branching out entirely.
Over the six years the CFPB worked on the prepaid accounts rule, NBPCA was there every step of the way. In meetings and comment letters, we made our members’ concerns known in order to protect the pioneering spirit of the prepaid industry. Fortunately, the CFPB recognized many of the issues we had raised and made revisions to the rule.
Now, companies like Starbucks, Visa, and Chase can develop a prepaid card that makes your morning coffee run or afternoon caffeine boost that much easier. The benefits of prepaid—fast, secure payments that help cardholders avoid debt and checking account fees—are amplified when other bonuses (like earning free coffees!) are added on.
We look forward to continuing our work with the prepaid community in order to drive fintech innovation forward. And, if you’d like to be part of the trailblazing work we’re doing, check out our membership page!
In episode eight of the Power of prepaid Podcast, we talk with Amy DeBerg, president of the R&P Group, a recruiting firm that focuses on the payments industry.
Since 2000, R&P has been helping companies in the cards and payments industry find good employees and help payments executives take the next step in their careers. NBPCA COO Ben Jackson spoke with Amy about the best practices for companies seeking employees and for individuals seeking the next step for their careers.
In the podcast Amy describes how both hiring managers and job seekers need to have similar traits. Both need to be honest about what they are looking for, flexible about what kinds of attributes they will consider, whether in a candidate or role, and open to new opportunities.
In the podcast Amy gives tips for both sides of the hiring desk and talks about when and how a company should work with a recruiter to find the people they need.
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