Vendors
日本語
search
  2. //
  3. Reports & insights
  4. //
  5. Innovating Payments in the Digital World: Creative Uses of Prepaid

Innovating Payments in the Digital World: Creative Uses of Prepaid

Create a vendor selection project
Click to express your interest in this report
Indication of coverage against your requirements
A subscription is required to activate this feature. Contact us for more info.
Celent have reviewed this profile and believe it to be accurate.
We are waiting for the vendor to publish their solution profile. Contact us or request the RFX.
Projects allow you to export Registered Vendor details and survey responses for analysis outside of Marsh CND. Please refer to the Marsh CND User Guide for detailed instructions.
Download Registered Vendor Survey responses as PDF
Contact vendor directly with specific questions (ie. pricing, capacity, etc)
31 October 2016
Zilvinas Bareisis

Abstract

Celent has released a new report titled Innovating Payments in the Digital World: Creative Uses of Prepaid. The report was written by Zilvinas Bareisis, a senior analyst with Celent's Banking practice.

What do companies like Affirm, Kabbage, Oxfam, and Payoneer have in common? They all use prepaid accounts to power their diverse businesses. This report analyses the selected case studies of creative uses of prepaid and technology platforms behind them.

The prepaid market is multidimensional and needs careful definition if we are to conduct meaningful analysis. While stand-alone prepaid products play an important role in many markets today, prepaid accounts can also be used as part of a more complex value proposition. Platforms supporting payments in the digital world are open and modular, enabling clients to create their own use cases, support entitlements rather than account balances, and act as an “issuing gateway” to different companies. The opportunity for financial institutions is twofold.

  • Partnering with the new digital economy firms that want to incorporate payments into the overall experience they are creating for their customers.
  • Exploring opportunities how they can take a leaf out of these new firms’ books and develop new financial services and commerce experiences for their customers.

“We observe innovative companies using prepaid accounts in creative ways to enhance their business models," says Bareisis. “In some instances, the need for prepaid is not obvious at all.”

“Many financial institutions feel constrained by their legacy processing systems. In some cases that is valid, yet the good news is that they now have real alternatives. Increasingly, financial institutions will be constrained not by technology but only by their imagination,” he adds.

Client Access