Millennials and GenX are bucking traditional banking trends and looking for options for using their money that better fit their lifestyles. Prepaid cards offer that flexibility and simplicity.
TAMPA, Fla. (PRWEB) February 06, 2020
Companies around the world are getting wise to the need to offer alternate money management options to a new generation of customers – with prepaid cards leading the way.
According to Steven Foster, CEO, Axiom Prepaid Holdings - a global provider of end-to-end payment solution - prepaid cards serve the dual purpose of reinforcing financial institutions’ brands via white labels while attracting new customers and retaining existing ones.
Prepaid, debit and credit card spending is expected to top $10 trillion by 2023. That statistic reinforces findings in a report from the Federal Deposit Insurance Corp that approximately 51 million Americans who have a bank account supplement that with other financial services like a prepaid Visa and Mastercard.
“Millennials and GenX are bucking traditional banking trends and instead looking for options for using their money that better fit their lifestyles. Prepaid cards offer that flexibility and simplicity,” explained Foster, whose company introduced a White Label program for its business clients last year. “Financial institutions that offer prepaid cards are giving customers the financial solutions they want and promoting their own brands every time a card with their logo is swiped - while seeing revenue gain.”
He says that Axiom’s clients in the banking industry are maximizing the potential of white label programs in other unique ways. Case in point? Credit Unions are increasing their marketing to parents of young adult and college students by reinforcing the value the cards offer in teaching financial literacy while offering the safeguards that prevent overspending and debt.
Prepaid cards typically are available by app or physical card and can be used to pay bills, for purchases and ATM withdrawals, to track spending, and can be set-up for direct deposit. The cards typically offer a rewards program for referrals, peer-to-peer transfers, and fraud and theft protect.
Axiom designs its clients’ cards, handles all the necessary compliance and regulatory approvals to get the cards to market, and manages all or some of the program administration based on client preference. It prides itself on its sophisticated digital platforms that comprise administrative portals, API connections and secure encryption for sign-ups, KYC, sponsor banks, call centers and fulfillment centers.
“Axiom is all about doing our part to enable our clients to offer the most innovative financial management tools to support the banking needs of everyone everywhere,” he added.
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About Axiom Prepaid Holdings:
Axiom Prepaid Holdings was born of the desire of two entrepreneurial-minded banking industry veterans to turn the prepaid card model upside down. To make banking simple. To give consumers and businesses around the globe access to innovative, easy-to-use, digitally driven, fun, flexible and secure products and services. Today, Axiom has 9 offices and conducts business in 20 countries. Every day, the Axiom team strives to create 100% turnkey solutions to help cardholders gain economic freedoms and help businesses achieve growth and success. To learn more about Axiom Prepaid Holdings, please visit: http://www.axiompph.com