MasterCard’s prepaid card business in the Asia/Pacific, Middle East & Africa (APMEA) region experienced a 40 percent increase in year-over-year gross dollar volume last year.
MasterCard expects the momentum to continue through enhanced financial inclusion in emerging markets and increases in cross border and e-commerce transaction activity, reports CPI Financial.
“The needs in emerging markets differ greatly from developed markets, and this is proving to be a catalyst for innovation,” Jason Tymms, MasterCard head of prepaid in the region, noted in the article. “We find ourselves innovating to meet the most basic of needs, which is access to financial services, especially for citizens who sit at the bottom of the financial pyramid.”
As the prepaid card market continues to grow, fraud on prepaid cards also is playing a bigger role.
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