Study: Up To 70% Of FIs To Add Prepaid Gift Cards

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Approximately 70% of financial institutions plan to add prepaid gift cards in the next two years to their payment programs, according to a new survey.

In its survey, Dove Consulting found that currently, 21% of financial institutions offer prepaid gift cards, with 68% intending to offer the cards in the next two years. Prepaid payroll cards are offered by 2% of banks and credit unions, with 42% planning to offer them within the next 24 months, Dove said.

The survey of banks and CUs also asked about other payment options such as PIN-less bill payment, prepaid flex spending cards, Verified by Visa, money transfer P2P payments, MasterCard SecureCode, money transfer cross border payments, smart cards and micropayments. Only 11% of respondents indicated they currently offered money transfer cross-border payments, with 26% planning to initiate them and 63% not planning to do so.

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