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Banks gearing up to take gift card market share

October 17, 2005

ePaynews.com: Just 23 percent of all mid-sized banks offer gift or prepaid cards, and the percentage for smaller banks is even less, according to research from Mercator Advisory Group. To redress the imbalance, e-payments provider eFunds Corp. has launched a turnkey prepaid gift card solution for small and midsized banks and credit unions that can be implemented in about 30 days.

The "Card in a Box" solution, which uses Web technologies for customer self-service, is intended to give smaller financial institutions low-cost entry into the gift and prepaid card market with minimum up-front investment and an appropriate fee structure. Cards will be Visa-branded, and eFunds, which acquired prepaid card firm WildCard Systems, will provide all card issuing, administration, risk management and payment processing for the Card in a Box solution.

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