ExecMagazine

Most people in the United States and Europe use either cash, credit cards or debit cards linked to their checking or saving account to pay for goods and services.  As a matter of fact, most of these people take these forms of payments for granted.  Also, most workers in the U.S. as well as

A few companies including FundsTech Corp have developed a program that allows companies that employ the unbanked worker to avoid the issuing of payroll checks and instead make a direct deposit onto a prepaid debit card (sometimes called a payroll card).  This is accomplished when an employer issues prepaid debit cards to those employees without a bank account.  The prepaid card now acts like a bank account in that funds can be deposited onto the card (such as payroll) and funds can be taken off the card at an atm or through the use of the card when a purchase is made for goods or services. Money can even be transferred to a third party such as a wife, son or daughter at a location virtually anywhere in the world. Even bills such as rent or utilities can be paid using the services attached to the card. The prepaid card can be used anywhere in the world that accepts Visa or MasterCard.

These cards now allow a large group of people to enter the electronic age and no longer need to carry all their payroll in their pocket. And, we are not only speaking about the 50+ million people in Europe and the U.S. but rather  the billion + people who are clamoring for such services in places like Africa, China and India.  The market potential is estimated at over 1 billion in annual revenue.

Source:  David Fann is the president FundsTech Corp based in Ponte Vedra Beach Florida.  For more information go to www.fundstech.com. 

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