Based in Florida, Jerome Arthur Uffner holds responsibilities with FIS Global in Florida as general manager of prepaid and guides strategy in a quickly expanding market. The financial service technologies Jerome Uffner represents provide a particular benefit to businesses that are small and growing.
Functioning just the same as a debit or credit card, prepaid cards do not rely on any link with a checking, savings, or credit card account at a bank or other financial institution. Serving as a type of “wallet” of stored value, they are aligned with Visa, Mastercard, or another branded card network and can typically be used anywhere those cards are accepted. This includes in-app and online platforms, as well as traditional in-store retail settings.
For businesses, prepaid cards represent an efficient way of delivering various forms of employee compensation such as bonuses, benefits, and payroll, even in cases where workers do not have a bank account. This is important, as a 2018 FDIC report indicated that a full 6.5 percent of households in the United States do not have a bank account.
Companies also make use of “closed-loop” prepaid cards that are only accepted at a specific establishment and serve to drive customer loyalty. For example, a Starbucks prepaid card can only be used for a purchase within the Starbucks system.
Functioning just the same as a debit or credit card, prepaid cards do not rely on any link with a checking, savings, or credit card account at a bank or other financial institution. Serving as a type of “wallet” of stored value, they are aligned with Visa, Mastercard, or another branded card network and can typically be used anywhere those cards are accepted. This includes in-app and online platforms, as well as traditional in-store retail settings.
For businesses, prepaid cards represent an efficient way of delivering various forms of employee compensation such as bonuses, benefits, and payroll, even in cases where workers do not have a bank account. This is important, as a 2018 FDIC report indicated that a full 6.5 percent of households in the United States do not have a bank account.
Companies also make use of “closed-loop” prepaid cards that are only accepted at a specific establishment and serve to drive customer loyalty. For example, a Starbucks prepaid card can only be used for a purchase within the Starbucks system.
