What’s the Future of Prepaid Debit Cards?

Recently I needed to make a purchase on a site that I didn’t feel too comfortable with. So I went to the nearest check cashing store and got myself an Ace Prepaid Visa Debit Card. I had decided that the best thing to do and that would keep my personal information safe would be to get one of those disposable debit cards, fund it, make the purchase, and then throw the card away.

That’s when I started to realize that although I had a specific use for it, there were a lot of people that were using those cards for lots of other reasons: some people use them as a payment method for everything they do, because they need a card but they’re not eligible for a bank account. Some people hand those cards to their kids so they can monitor their spending and teach the kids how money works. Even the underworld has taken notice of them and uses them to move large amounts of money undetected.

We should expect much tighter regulation of prepaid debit cards in the near future.

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