There is a movement toward smart spending, building momentum across America. With the reduction in available credit, high interest rates and large overdraft charges, consumers are looking for smart financial alternatives. With PayPower™ reloadable Visa® Prepaid Cards customers have the power and flexibility of a Visa debit card. And because it’s a prepaid product, they can only spend the amounts loaded, giving them total cash control. No more going over budget. No more end of the month surprises. No more high interest rate and overdraft fees. And the cards can be used anywhere Visa debit cards are accepted.
The PayPower card is easily purchased in many of Blackhawk’s retail locations, such as grocery stores and convenience stores, with no need for a bank account or credit check. Once registered, the cards can be reloaded over and over again, and offer consumers security benefit of replacement should their cards become lost or stolen.
It’s no wonder that reloadable prepaid debit products are popular with consumers who may be credit challenged or just want an easy, secure alternative payment solution. They have also proved very popular as a budgeting tool, especially for teens, college students and for consumers who are traveling or want to shop online safely. This category has seen consistent double-digit growth year over year and is now a multi—billion dollar market.
Blackhawk Network is a leading program manager of reloadable prepaid debit cards in the U.S., evidence of our strong commitment to better serve our consumers and retail partners.
Our embrace of and success with this versatile product is one more example of our commitment to products that fill a void in the market. It is further evidence that the best business opportunities come from understanding consumer needs and providing unique solutions.