Possibilities for Prepaid: Q&A with Brian Triplett March 12, 2009 Brian Triplett, Global Head of Prepaid Product of Visa, Inc. speaks to Incentive on the future of prepaid cards
By Jeanie Casison
Incentive: What can people expect to learn from the session "Analyzing the Future Growth Opportunities to Spur Profitable Growth in Prepaid" at this year's Prepaid Expo USA?
Triplett: Category leaders on this panel will talk about the opportunities that we are seeing and continue to see in the prepaid industry. This means the real potential, not how big volume is at the moment. The potential is over one trillion dollars in prepaid industry opportunity. This is spend on the consumer side that could be moved to prepaid cards. At Visa, it is exciting to see that through prepaid cards, we can reach and bring the benefits of the Visa product, which is convenience and security, to a whole new audience. The numbers really support that for not just one product type but across a lot of segments and categories, such as general purpose cards, government disbursement, youth products and insurance payment. All are key opportunities for the segment to penetrate.
Incentive: What trends are you seeing with prepaid cards in the incentive space?
Triplett: We continue to see strong adoption of prepaid cards replacing paper. The interesting thing about the incentive space is that once people receive their incentive card are some of the value added services that can be delivered on the card, which weren’t possible with paper. This extends the value and the opportunity of prepaid in the incentive world.
Incentive: What innovations are being made to the prepaid card product? Is Visa introducing any new products or services at Prepaid Expo USA?
Triplett: The big announcement is a new program with Visa ReadyLink and MoneyGram. Through MoneyGram people will be able to reload funds on their Visa prepaid products at 50,000 locations. Right now it is in the process of being deployed and should be implemented later this summer.
Incentive: What is the most important thing that someone can take away from the session, "Analyzing the Future Growth Opportunities to Spur Profitable Growth in Prepaid?"
Triplett: The big take away is that even in difficult times, prepaid is a category that is ready for innovation. In fact, by driving innovation we really have a long-term opportunity to build business in the prepaid card category business. The underserved is increasing in numbers and prepaid fills that need. It is great time to invest and grow it.
Incentive: Do you have any additional comments about prepaid cards?
Triplett: We continue to see this market mature. It is great to see everyone here driving and pressing forward what is considered to be a highly valuable product set to many underserved or under banked individuals and to organizations on the corporate side for greater efficiency. Prepaid will continue to evolve and deliver great benefits.
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