According to Visa research, nearly 35 million consumers receive wages and government disbursements via paper check and 34 percent of the study’s participants revealed that direct deposit was not an option available through their employer. Additionally, a study of payment trends by McKinsey & Company estimated $1.18 trillion in person-to-person payments were made by check in 2009. According to the Federal Deposit Insurance Corporation, more than 28 percent of U.S. households in 2011 weren’t connected to the traditional banking system. As an alternative, many consumers have turned to prepaid. In 2011, prepaid card use rose by 18 percent according to Javelin Strategy and Research.“Consumers are choosing reloadable prepaid cards at an increasing rate, and for many of the same reasons that consumers embrace other electronic payment options — security, convenience and reliability,” said Hyung Choi, head of U.S. Prepaid, Visa Inc. “Mobile technology and other payment innovations are enabling us to enhance Visa’s prepaid experience and bring all the conveniences of traditional banking options to consumers who choose to use prepaid.” Reloadable Visa prepaid cards offer a secure, convenient and cost-effective alternative to cash and checks, providing consumers a better way to make everyday purchases, pay bills and now, make check deposits. As with all Visa prepaid products, users can make purchases everywhere that Visa debit cards are accepted — in stores, online or over the phone. For more information on Visa prepaid products visit www.visa.com/prepaid. About Visa: Visa is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 24,000 transaction messages a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit www.corporate.visa.com. About Chexar: CHEXAR® is the national leader for technology and solutions for converting paper checks into Good Funds defined as irreversible value. Chexar is currently deploying Spyke™ — The Good Funds Network™, as the market’s leading solution to enable any consumer to convert any type of check into Good Funds from mobile and other remote capture devices.
The company’s one-of-a-kind solutions combine multiple national databases, rules engines and proprietary technology with redundant 24/7 risk management centers to achieve the industry’s highest automated and overall approval rates without limiting check type and size. Today thousands of large financial institution and non-bank financial services provider locations utilize Chexar’s technology and solutions to generate fee income and manage risk.Chexar’s solutions are deployed across multiple platforms including turnkey point of sale solutions, assisted and self-service kiosk solutions, mobile devices, and full XML integrations. The company operates two risk management centers 24/7 with almost 400 seats to assist its clients in real-time check review and risk management.