1.1 Presentation and definition of the market
According to the Banque de France, prepaid bank cards are payment cards that store electronic money. Prepaid cards are defined as "cards that provide a limited amount of money". They are exclusively reserved for private individuals and are partly linked to a payment account and not to a real bank account, one of the major differences being that with these accounts there are no authorised overdraft facilities. Gift cards", "reloadable cards" or "cards for protected persons" are prepaid cards, the term "reloadable card" is the one that has most recently replaced "prepaid bank card". They can be multi-use or have a specific use.
There are several reasons for a consumer to use a prepaid card rather than a more traditional card. A non-exhaustive list can be given:
- For children's education: There is no minimum age for using a prepaid card. So parents who want to start educating their children about money management can offer them without risk, as there is no overdraft possible.
- For a gift: It is a gift idea, like the gift cards that the big stores offer.
- For abroad: They can be used all over the world and this reduces complications in case of theft.
- For compulsive spenders: These cards do not allow overdrafts
- For those who do not have a bank account: It is not necessary to have a bank account and no credit check is performed to issue this card.
Proportionally, payment cards are not one of the most widely used means of payment, however, they have two specific characteristics that have made them successful: c some prepaid bank cards are available at tobacconists or local shops, and it is also possible to have a card anonymously. However, anonymity has raised many questions and restrictions have been put in place.
The dematerialization of payment methods with the rise of fintech and neobanks are forcing prepaid bank cards to reinvent themselves, but they are not lacking in creativity, since the confinement due to the health crisis and the increase in online purchases, the prepaid bank card presents itself as a solution to secure its purchases
With the decrease in anonymity and accessibility moving to the internet, the he prepaid bank card market is highly challenged, but there are many reasons for this he players in this market, such as Transcash, are well aware of the trends in the payment market and are talking about numerous solutions and adaptations to keep up with the movement, with the implementation of solutions in 2021
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