Prepaid cards would grow in popularity and are expected to grow into a $6.8 trillion industry by 2030.

Prepaid cards are different from older stored value (SVC) cards. SVCs are used for specific travel situations, such as train or parking, prepaid phone needs or gift cards. Generally, SVCs are closed-loop, single-use cards, which means the funds are stored on the card instead of the card issuer’s system and the funds will not be rolled over.

Proponents of prepaid cards claim they offer greater versatility of functions, serving as debit accounts that can be used by businesses, non-profit organizations or government agencies to cover expenses and provide income and rewards. guaranteed.

Usio inc. USIO has been working in the prepaid card market for more than 10 years. Usio is a fintech company offering integrated payment solutions, providing services in everything from payment facilitation and ACH processing to electronic bill presentment and payment to disbursement of funds through their payment platform. issuance of cards. It says its prepaid card offerings are particularly suited to businesses and other organizations looking to move away from expensive checks and physical payments to a more streamlined, digital model.

“Akimbo” Turnkey Platform Leads Usio’s Prepaid Service

Serving businesses, nonprofits, government agencies, and more, Usio says its prepaid card issuance and program management platform, which they call Akimbo, is a key platform on-hand for creating and managing fund disbursements – it provides fund management via prepaid cards that are adaptable to a host of needs and use cases, including promotions, corporate expense management , rewards and incentives, contractor payroll, emergency relief and more.

Akimbo provides physical and virtual cards, sent by email or SMS, to increase adoption, flexibility and ease of access. The RESTful application programming interface (API) application means that each organization can customize their Akimbo options according to their financial needs.

Usio also said he was involved in disbursing funds for a COVID-19 relief fund for New York City through the City Possible Initiative in partnership with MasterCard MY. More than 200 institutions, civic and charitable, are part of this collaboration, and Usio helps these groups provide relief funds to those who need it most across the country.

The guaranteed income program would continue to grow as new sponsors were added to the list of municipalities. They claim that their easy-to-use interface, with remotely reloadable cards, merchant category code restrictions that limit how money is spent, and card usage data reports that allow wagering. transparent updates, all provide a streamlined and integrated disbursement experience. Usio saw a total of $188 million loaded on prepaid cards in 2021, a 107% revenue increase over 2020.

Physical and virtual cards, as well as funds on the cards, can be provisioned into mobile wallets, including Apple Pay, a payment service. Apple Inc. AAPLSamsung Pay from Samsung Electronics Co. Ltd. and Google Pay, provided by Alphabet Inc. GOOGL.

“On behalf of the entire Usio team, I would like to express my sincere gratitude and our unwavering commitment to these organizations for entrusting us with this important responsibility,” said Houston Frost, senior vice president of corporate development. and prepaid services, about the success of Usio. . “We have become recognized throughout the county as having the ability to rapidly develop customized solutions that meet the distinct requirements of various cash assistance, incentive, and general fund disbursement programs.”

To learn more about Usio, visit usio.com.

To learn more about Akimbo, visit akimbocard.com.

This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investment advice.

Featured photo by Avery Evans on Unsplash

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