The Bancorp today released its next Finetics™ Studio interview series: “Focus on Prepaid” featuring Talbott Roche, President, Blackhawk Network; Peter Read, President, Peoples Card Services; Kenneth M. Goins, Jr., Vice Chairman, Brightwell Payments; Brad Fauss, President and CEO, Network Branded Prepaid Card Association; Stefan Happ, Executive Vice President, Global Prepaid and Alternative Payments, American Express; Suresh Vaghjiani, Executive Vice President, Global Processing Services (GPS); and Jeremy Kuiper, Managing Director, Payment Solutions, The Bancorp.
Filmed from the Money20/20 show floor, the videos focus exclusively on the prepaid industry including changing usage trends, regulatory challenges, growing access and financial inclusion as well as predictions for the future of prepaid.
“I would say that prepaid has almost been the best kept secret in the industry,” said Vaghjiani. “What’s happening now, is that the benefits of prepaid are becoming more mainstream and as customers distrust their banks, particularly in Europe, it’s the perfect time to disrupt the banking sector.”
The shift to digital was a common thread throughout many of the conversations around prepaid, including Roche’s. She also highlighted the B2B opportunities within the space.
“Digital opened our eyes to the fact that there is a $40 billion addressable market for gift cards to be used in the B2B space as rewards and incentives, and that’s the market where the adoption rate for digital solutions is really growing,” explained Roche.
Though prepaid options have been around for quite some time, it was widely noted by Finetics™ Studio participants that innovation and adoption does not come without its challenges.
One of the biggest challenges with prepaid is a lack of understanding.
“One of the biggest challenges with prepaid is a lack of understanding,” said Kuiper. “As it relates to general purpose reloadable cards, consumers don’t all really understand that those prepaid cards really are equal to a debit card in many ways from a functionality and utilization capability.”
The release of these seven videos supports The Bancorp’s Finetics™ Studio video series, which features exclusive, one-on-one conversations with more than 30 of the financial services industry’s most influential and innovative executives, launched late last year.
The interviews, conducted by Sarah Gill, senior reporter with PaymentEye, cover topics ranging from the future of payments innovation to financial inclusion and the customer experience to regulation and fraud and will be released on The Bancorp’s fineticsblog.com throughout early 2016.