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Visa® Elevates Prepaid Cards To New Level Of Simplicity, Protections And Opportunity

Stocks in this article: V

Visa Inc. (NYSE:V), the leader in global payments, today announced a new designation for consumer reloadable prepaid products in the US, aimed at simplifying fees, improving consumer protections and creating opportunities for cardholders to improve their financial health. The designation was developed in conjunction with industry thought leaders the Center for Financial Services Innovation (CFSI) and The Pew Charitable Trusts.

“Consumers have been confused by an often complex prepaid landscape,” said Ryan McInerney, president, Visa Inc. “As a prepaid leader, we felt it was important to go beyond current requirements in the marketplace and bring transparency to this growing product area. This Visa designation will signify a new level of simplicity, protection and opportunity, enabling cardholders to confidently manage their spending every day.”

To qualify for the new Visa prepaid designation, prepaid programs must meet a set of standards. Cards that meet these requirements will receive a seal that will be visible on card packaging and materials. Features of Visa’s new prepaid designation include:

Simplified fees and transparent disclosures

  • A flat monthly fee that includes all basic day to day activities 1. Consumers will not be charged:
    • Transaction decline fees
    • Customer service fees
    • In-network ATM withdrawal or balance inquiry fees
    • PIN or signature transaction fees
    • Cash back at point of sale (POS) fees
  • No overdraft coverage or fees
  • Consumer-friendly communication of fees (e.g., fee box and disclosures)
  • Quick-use guide for consumers to find the best ways to use the product for the lowest cost

Superior consumer protections

  • Individual FDIC / NCUA insurance required
  • Dispute resolution rights under Reg. E
  • All cards are covered under Visa’s Zero Liability 2 policy
  • Access to Visa’s Prepaid Clearinghouse Service (PCS) for better fraud protection

“At Visa, we believe prepaid cards can play an integral role in a consumer’s day-to-day financial matters,” said Cecilia Frew, head of US prepaid products, Visa Inc. “Whether a consumer wants to use their prepaid card as an account to direct deposit their paycheck and pay bills, or as a companion card to help control spending, this designation will clear the way for consumers to pick the prepaid product that is right for them,” said Frew.

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