Look Towards A New Future

May 24, 2012

Prepaid Paves the Way for Payroll

A study of the benefits for employers, employees and issuing partners of using prepaid cards over paper and cash based methods
The VRL report gives an overview of the market's size worldwide, as well as looking forward to future growth prospects
The report finishes with a selection of case studies highlighting the successful implementation of prepaid payroll solutions for different entities in different countriesPrepaid solutions represent one of the most innovative propositions in the payment industry due to their inherent flexibility, convenience and applications across a broad range of industry sectors. It’s no wonder that banks, payment networks and programme managers have devoted such significant resources and investment into promoting their usage, but each industry vertical requires significantly different business models as end-user groups require different needs, and a one-size-fits-all approach will quickly doom some programmes to failure. With a sizable number of the world’s population still unbanked, there are millions of employees and workers around the world who still receive their salaries in cash or cheques, leading to huge administrative burdens for employers and banks, and inconvenience for the employee, along with the added cost of accessing their salaries.

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Report Details :
Published: May 2012
Pages: 32
Price: Single User License:US $ 3800 Corporate User License: US$ 11400


This report examines the factors that have elevated prepaid solutions as the ideal solution in the payroll sector
It highlights the inconvenience, expense and administrative burden associated with payment by cash or cheques
It views how the costs compare with other methods used by unbanked or under-banked customers
It considers how prepaid solutions can lead to lower costs and deliver greater efficiency and benefits to all stakeholdersKey highlights

Prepaid solutions represent one of the most innovative propositions in the payment industry due to their inherent flexibility and convenience
Each industry vertical will require different business models as end-user groups have different needs; a one-size-fits-all approach will drive some programmes to failure
Automated payroll payments using electronic funds transfer are only available where employees have a receiving account with a banking institution
Providing banking services to unbanked and under-banked employees is fraught with contradictions. It represents a high volume of new accounts but low balances make it difficult to operate them profitably

Reasons to buy
Gain the overview and background to prepaid cards
Understand the benefits of prepaid payroll solutions
Learn how these benefits apply to employees, employers and issuing partners individually
Assess the market size, and find out where the opportunities and threats lie