More major businesses are getting involved with alternative financial services, such as online and mobile payment systems and prepaid cards. Many analysts believe the push for more readily available financial options will help strengthen the economy, especially through the involvement of underbanked and unbanked citizens.
American Banker recently reported that Wal-Mart will now be offering customers an option to refill all prepaid cards, no matter who they are provided by and what they are for at their locations. According to the source, this is a move that is not far from the imagination for the retailer, as it continues to focus on alternative financial services for its patrons. Further, the news provider explained that the company has worked to be among the lowest-cost providers of prepaid cards, as the industry continues burgeoning growth. While costs will be a bit higher to reload other businesses' cards at Wal-Mart, the difference will be negligible. Prepaid card growth has been the highest in the alternative financial services sector over the past four years, as underbanked, unbanked, youths and other populations prefer this option in higher numbers every year. Businesses can capitalize on this popularity by offering or accepting prepaid cards and other alternative payment options.