Innovative Payments Association
  • About Us
    • Our Team
    • Board of Directors
    • Members
    • Partnerships
  • News & Events
    • Non-Member Newsletter
    • Newsroom
    • Events
    • Blog
    • Podcast
  • Member Resources
    • Glossaries & Reports
    • GRWG >
      • Recordings
    • Government Update
    • State Legislative Tracker
    • Financial Crimes Investigators
  • Issues & Advocacy
    • Comment Letters
    • Payments Litigation
    • Current Issues >
      • Earned Wage Access
      • Fraud Prevention
      • Prepaid Rule
    • Ongoing Issues >
      • Arbitration
      • Artificial Intelligence
      • Banking as a Service
      • Brokered Deposits
      • CFPB
      • Covid Response
      • Durbin Amendment
      • FDIC & OCC
      • Privacy Legislation
      • Unclaimed Property
  • Join the IPA
    • IPA Wins
  • Boot Camp
Member Login   |   Contact Us
Member Login   |   Contact Us

Blog

Innovation Continues, Even As Fundamentals Remain Important – Day Three Recap

4/11/2018

 

The prepaid industry continued to learn how it can move ahead on the final day of the Power of Prepaid conference.

IPA board member Solana Cozzo, of MasterCard, tackled the topic of the nuts and bolts of innovation.

“Never has there been so much hype and so little consensus around innovation,” she said.

Innovation can be driven by design thinking that incorporates three important factors. First, existing technology combined with a good platform and connected to customer emotions will lead to scalable innovation. Second, collaboration is key, because innovation requires partnerships. Third, the customer experience must be at the forefront of design.

This led into a discussion of about designing products for people of color in a panel moderated by AnaLiza Gardner, director of private label banking for IPA Member the Bancorp. Wole Coaxum of MoCaFi, Bertrand Sosa of Rev, and IPA board member Miguel Zepeda of Brinks gave their thoughts on how cards can be tailored to specific audiences. The panel noted that it was important to recognize cultural differences and the needs of particular communities. At the same time, they stressed that designing for cards for targeted audiences does not mean forgetting about the fundamentals of financial services.  Products need to provide financial access and build capacity in a sustainable way.

The Homeland Security panel reminded everyone that payments industry, including the prepaid community, has a responsibility to support law enforcement’s efforts to identify and fraudsters and money launderers.  However, that responsibility needs to be balanced with rights of individuals to protect their personal identifiable information. Lastly, we learned that while Congress plays a role in balancing individual rights alongside giving law eneforcment the tools they need to combat fraud, Congress itself may lack the necessary resources to keep up with an ever evolving industry. 

The day wrapped up with research from the Federal Reserve. The trends in prepaid show that the average value of card transactions is falling across all types. This shows that prepaid is being used for smaller purchases and displacing cash.

The research also shows that fraud trends are moving in expected directions post-EMV. Fraud has trended from in-person fraud to remote fraud, with more fraud happening in card-not-present settings.

 


Comments are closed.

    Archives

    May 2025
    April 2025
    March 2025
    February 2025
    January 2025
    December 2024
    November 2024
    October 2024
    September 2024
    August 2024
    July 2024
    June 2024
    May 2024
    April 2024
    March 2024
    February 2024
    January 2024
    December 2023
    November 2023
    October 2023
    September 2023
    August 2023
    July 2023
    June 2023
    May 2023
    April 2023
    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018

    Categories

    All
    Member Profiles
    News
    Podcast
    Power Of Prepaid
    Prepaid
    Small Business
    Webinar

    RSS Feed

Contact Us   |   Member Resources

IPA

110 Chestnut Ridge Rd, Suite 111
Montvale, NJ 07645
(202) 548-7200
Save The Date 
Innovative Payments Conference​
April 29 - May 1, 2026 

IPA Info

Home
​​About Us
Advocacy
Newsroom​

IPA Resources

IPA News & Events
Payments Podcast
Blog​
​Events


Safe Shopping
Consumer Resources if You've Been Scammed
© COPYRIGHT 2024 ALL RIGHTS RESERVED. | Privacy Policy
  • About Us
    • Our Team
    • Board of Directors
    • Members
    • Partnerships
  • News & Events
    • Non-Member Newsletter
    • Newsroom
    • Events
    • Blog
    • Podcast
  • Member Resources
    • Glossaries & Reports
    • GRWG >
      • Recordings
    • Government Update
    • State Legislative Tracker
    • Financial Crimes Investigators
  • Issues & Advocacy
    • Comment Letters
    • Payments Litigation
    • Current Issues >
      • Earned Wage Access
      • Fraud Prevention
      • Prepaid Rule
    • Ongoing Issues >
      • Arbitration
      • Artificial Intelligence
      • Banking as a Service
      • Brokered Deposits
      • CFPB
      • Covid Response
      • Durbin Amendment
      • FDIC & OCC
      • Privacy Legislation
      • Unclaimed Property
  • Join the IPA
    • IPA Wins
  • Boot Camp