News
Targeting the unbanked, cash-preferred is focus of new Visa direct-deposit card
July 23, 2009
It's a growing trend: Targeting the unbanked. And one Houston-based company is using the domestic credit crunch as a way to get its foot in the market.
PreCash, which issues the Vision Premier Visa Card with Direct Deposit, says it expects the Vision Premier card to replace credit cards and offer cash-preferred users a reloadable debit option:
 | Unlike credit cards, prepaid debit cards are cash cards, putting consumers in control by preventing them from spending more than they have. While prepaid cards don't allow consumers to float balances, the good news is it means prepaid issuers do not charge interest rates. However, prepaid cards keep some of the best features of credit cards, making it a better option than cash. |  |
John Chaney, PreCash's chief executive, says plastic is safer than carrying cash, in case of loss or theft. Also, programs like Visa Zero Liability ensure consumers have the ability to dispute fraudulent charges. And users of the cards can sign up to be alerted via e-mail or text message every time a transaction is made.
Transaction ProcessingPrepaid / Stored Value / Gift CardUnderbanked / UnbankedDebit / CreditNorth America
Related Media
Subscribe
Get the latest news and resources from ATM Marketplace.
