The prepaid card industry has no doubt taken the United States by storm, as merchants, alternative credit
providers and consumers alike are experiencing the benefits. With debit and credit card interchange fees remaining volatile over the past few years, this relatively new industry's relative lack of extra charges is adding to its popularity.
Leaders of firms in the industry are meeting at the Paris Hotel in Las Vegas, Nevada, in early August to assess some of the potential strengths and weaknesses the prepaid card business will face in years to come. Additionally, industry analysts will hold a three-session program to discuss the alternative financial services market. The Prepaid Press Expo will focus on the myriad prepaid card offerings, including mobile payment and wireless payments, gift cards, loyalty programs and calling cards. The goal of the event is to begin standardizing and unifying the players in the industry to create a more successful and secure landscape for prepaid cards. Earlier this month, The Washington Post reported that the new legislation regarding swipe feeds, as well as the Durbin Amendment, will do little to help merchants. This, the source posits, is largely because those fees are now being levied through merchant and consumer checking accounts, as banks try to offset the loss.