News

Prepaid card association changes name

January 29, 2006

FAIRFAX, Va. -The Branded Prepaid Card Association has adopted a new name. According to a news release, the trade association that represents the common interests of new and emerging branded prepaid-card programs is now known as the Network Branded Prepaid Card Association.

"Terminology used in this emerging industry is still in flux, and words may have vastly different meanings depending on many factors, including where you sit in the value chain," said Anil D. Aggarwal, the association's chairman and founder. "Since the industry represents a broad range of markets and products, we acknowledged from the start that it was unlikely that we'd identify a name for the association that would encompass every possible prepaid card permutation. … The challenges we faced selecting an accurate and descriptive name for the association are indicative of the far broader issues faced by the industry in terms of a common vocabulary, market definitions and category consistency."

Kurt Helwig, the association's chief executive, said association members conducted a great deal of research before agreeing on the new name.

"Investigation led us to choose 'Network Branded' to convey that the association's focus is cards that carry a brand mark that is widely accepted by merchants."

For more information, visit the association's Web site.