How popular
are stored value card in the consumer banking sector? Of 20 banks surveyed in
2003 by the Philadelphia technology consulting and systems firm Unisys Corp.,
half said they were interested in issuing stored value cards themselves. And a
number have dabbled in the market, including Bank of America Corp., Citigroup
Inc., and JP Morgan Chase & Co.
According
to IDC Financial Insights, the stored value/prepaid card will be used to
purchase $290 billion of goods and services annually by 2006. With $160 billion
spent on prepaid cards in 2004 and a market opportunity of likely more than a
trillion within the next decade.
Regulatory
issues in the US have not stopped the rapid growth of demand for this product.
Branded gift cards - those featuring the Visa, MasterCard or Discover Card -
are widely accepted in most stores throughout the US, including those online.
Like the credit card or bank debit card the flexibility and personalized nature
of a Visa or MasterCard gift card make it a well used purchasing tool anywhere
that major credit debit cards are accepted.
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