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!
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