Five reasons why store-owners should sell prepaid general purpose cards
Cards with rich functionality, such as prepaid general purpose cards, have contributed to financial inclusion in developing economies: the so-called ‘unbanked’ population (a significant population in South Africa) are able to store, withdraw, deposit and transfer funds, without having a traditional bank account. Stores should take note of the massive money-making potential of selling prepaid general purpose cards. It was revealed by Global Prepaid Exchange that the prepaid market is worth an annual R29,4-billion in South Africa. There are a myriad reasons therefore to sell prepaid general purpose cards at your store. We list five of them.
Most people have a mobile device, which underpin the use of general purpose cards
The reason why mobile money systems like M-pesa are so successful is because most people have mobile devices with which to operate mobile ‘wallets’. For example, Reload cards act like a bank account, which is activated using a customer’s cellphone number, giving them access to funds via cellphone banking and a linked Visa card.
Mobile money technology has evolved to include enhanced security features.
Customers are becoming more trusting of non-traditional banking services. ZDNet notes that “mobile money services are becoming more and more secure as they mature, thanks to better regulation, stronger security mechanisms and enhanced business processes being implemented by the service providers. Consumers have adopted these services as the convenience and benefits offered by the services have far outweighed the risks.”
Customers prefer multi-functional cards: gone are the days when only money could be withdrawn.
General purpose cards have a wide range of uses, including that of buying prepaid airtime or electricity. Reload card, for instance, is a Visa card, and can be used for purchases everywhere Visa is accepted. All ATMS can be used too or, a customer can withdraw money at the Shoprite, Checkers and Pick n Pay tillpoints. In addition, Reload users can transfer funds to other Reload card holders. With this particular prepaid card, interest is earned on balances over R500, offering the customer significant added value. Should a customer want a statement, they can access one online at no cost.
Employers have a convenient way to pay staff wages.
Employers can pay staff wages via internet transfer or bank deposit onto the Reload card. For staff who don’t have a bank account, this is a convenient way to receive money. For employers, loading money directly onto a Reload card is often safer and easier than carrying large wads of cash around.
For parents, prepaid cards help with budgeting and teaching their children good spending habits
Children should be taught from a young age how to manage money. Prepaid cards assist with this because unlike cash in hand, which is difficult to track, prepaid cards record every single transaction. Transaction histories are available online, as well as in the form of a mini-statement, sent to a mobile phone.
For more information about general purpose cards, contact Reload Mobile Money today.