Back in April 2006 I put forth a proposal suggesting that Pay By Touch's Paycheck Secure launch a reloadable prepaid card that could be funded by the amount a payroll check was cashed for.I specifically targeted the "underbanked" which is vastly of Hispanic origin, thus I even suggested calling the product "BonifiCard" from "Bonificar" which translates as follows:
Spanish to EnglishBonficar - take into account, credit
Bonificar - refund, discount reimburse
Bonificar - to give a bonus to
Bonificar - ameliorate, receive a premium, to improve,
Bonificar - act of goodness, reclamation, to make better, bonafide
It would be an "open loop" card and at the tiime, PBT had a strategic partnership with Discover, so I suggested partnering with them. "Discover the Prepaid Touch" No word in the Press Release on whom they've partnered with in order to use it at "millions of locations" but I'm sure that will be available shortly. I even suggested tying in a "prepaid rewards" program which enticed them to use it for bill payment and build credit which would make them bankable and loyal. No word on that either, but they have announced a reloadable prepaid debit card that is funded by the amount a payroll check is cashed for with bill payment capabilities. Here's their press release:
BioPay Goes After Underbanked with Prepaid CardBiometric check cashing company BioPay Paycheck Secure launches two new product offerings aimed at merchants who service the underbanked consumer sector: a prepaid debit card and a walk-in bill payment service.
Thus, the new prepaid debit card program allows retailers to cash customer checks and load the transaction proceeds onto a prepaid card which can subsequently be used for ATM cash withdrawals, online payments or at millions of other retailer establishments.
Biometric check cashing leader BioPay Paycheck Secure today announced that it has established partnerships that provide retailers with new, valuable product offerings, including walk-in bill payment and prepaid debit, to better serve underbanked consumers. This market constitutes more than 106 million individuals, who prefer to transact at alternate financial service centers, like grocery and convenience stores, rather than traditional banks.The prepaid card program allows retailers to provide their check cashing customers with an alternative to cash. Now retailers can cash customer checks without stocking their stores with large sums of cash, instead loading the proceeds of a check cashing transaction directly onto a prepaid card.
The consumer may then use the value stored on the card at ATMs, online or at millions of retail and restaurant establishments. The card offers the consumer a safe means of building “savings”; providing protection should the card be lost or stolen and gives the consumer the convenience and prestige associated with mainstream card usage.
Both walk-in bill payment and prepaid cards markets are experiencing 30% plus growth rate, which offers grocery stores, convenience stores and other retailers the opportunity to increase their revenue, drive in-store traffic and increase their overall merchandise sales. Using Paycheck Secure, retailers may now provide this valuable service to the estimated 1 in 5 consumers who prefer to pay their bills in person.
"Providing our merchant customers with new tools to grow their business and meet the needs of the increasing alternate financial services market is our goal," said Jon Dorsey, CEO, BioPay Paycheck Secure. "The Paycheck Secure service positively enhances the transaction experience for underbanked consumers; and provides merchants with critical data to manage their businesses.”
Signing up to use bill pay and prepaid debit services or to cash checks using Paycheck Secure is quick and easy. The system's robust feature set and ease-of-use has facilitated over 53 million transactions worth $23 billion dollars for merchants and consumers nationwide.
For additional information about Paycheck Secure, please visit: www.paychecksecure.com.
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