Cachet partners with Central Bank of Kansas to offer prepaid cards; open loop prepaid card in US to reach US$ 500 billion by 2021

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Cachet Financial Solutions, US-based technology company and Central Bank of Kansas (CBKC) are together working with Rebar Interactive to offer Select Mobile Money-Express. Rebar develops web-based applications and consumer services for finance, education, and insurance sectors. Select Mobile Money-Express is a platform that leverages Rebar’s cross-selling and direct marketing capabilities including large online consumer base, single pay, installment loans, and prepaid cards.

The platform includes a reloadable prepaid Mastercard issued by Central Payments, a subsidiary of CBKC and a mobile companion app that offers cloud-based services such as mobile account management, check-to-card fund loading and card-to-card transfer and remittance. The app also offers enhance additional security via finger print authentication and location based technology. It is estimated that around 10% of US consumers utilize prepaid cards. By partnering with Rebar, Cachet aims to target over 40 million unbanked and underserved consumers.

Earlier in March 2017, Cachet and CBKC have partnered with ICBA Bancard to offer Cachet’s Select Mobile Money-Express platform to community banks. This has enabled ICBA to increase consumer engagement, increase revenues, and acquire competitive advantages.

Open loop prepaid card transaction value is expected to record a CAGR of 17.6% during 2017 to 2021. The transaction value is expected to reach US$ 5,00,120.8 million by 2021 from US$ 2,61,916.1 million in 2017. During the review period, transaction value of open loop prepaid cards recorded a CAGR of 23.7%, increasing from US$ 92,693.8 million in 2012 to US$ 2,17,372.8 million in 2016.

To know more and gain deeper understanding of prepaid card industry in the United States, click here