The strong growth in prepaid card transactions over recent years is set to continue with a total of 16.9bn forecast for 2014, according to Capgemini and Royal Bank of Scotland (RBS).
According to their joint
‘World Payments Report 2013’
, global ‘open loop’ prepaid card transactions have averaged annual growth of 20% over the past four years.
Open-loop arrangements enable consumers to make digital transactions at any location worldwide wherever the Visa or MasterCard logo is accepted. Domestic and automated teller machine (ATM) withdrawal is also possible.
The Capgemini report says that the growth of prepaid cards is due to several factors, including their popularity among unbanked customers and the perceived superior control over spending that prepaid cards represent when compared with debit cards.
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