Adding the convenience of depositing your paper payroll check will plug the last remaining functional gap between prepaid card accounts and checking accounts.
New York, NY (PRWEB) June 11, 2012
While the ability to deposit checks by smartphone is an increasingly popular convenience for people with traditional bank accounts, the feature is a vital service for unbanked and under-banked consumers, many of whom use prepaid card accounts, says Plastyc CEO Patrice Peyret, who will be speaking at the 6th annual Mobile Banking & Commerce Summit today in San Francisco.
Mobile remote deposit capture (MRDC), as the industry calls it, is a service that is coming to prepaid cards users, and not a moment too soon.
"Small businesses contribute 45 percent of the payroll in the US, but many of them still issue paper checks to their employees rather than offering direct deposit. For unbanked and under-banked workers, having to go to a check cashing place twice a month is inconvenient and can be very costly" said Peyret.
Providing mobile check cashing to prepaid cardholders can present security concerns but a number of fraud prevention steps not found in bank apps will be added, Peyret says.
Peyret will co-present with Mary Monahan, EVP & Research Director at analyst firm Javelin Strategy.
Plastyc provides the UPside Visa prepaid cards and iBankUP money management services as replacements for checking accounts, including the ability to write paper checks in demand.
“Adding the convenience of depositing your paper payroll check will plug the last remaining functional gap between prepaid card accounts and checking accounts”, said Peyret.
Over the past five years more than 1,500 financial services decision makers and solution providers have chosen the SourceMedia's Mobile Banking & Commerce Summits as the must-attend educational and networking opportunity centered around mobile banking and commerce.
About Plastyc, Inc.
Plastyc delivers good banking to all by providing 24x7 access to FDIC-insured accounts through any Internet-connected computer or cell phone. Unlike traditional checking accounts, Plastyc's iBankUP portal and UPside Visa prepaid cards never incur overdrafts and offer better services at lower prices, with more ways to receive money and no risk of over-spending it. Plastyc is privately held with headquarters in New York City.
For more on Plastyc, visit http://www.plastyc.com