Media management agency Rebar Interactive, in partnership with Cachet Financial Solutions and Central Bank of Kansas City (CBKC), has deployed the Select Mobile Money-Express (SMM-X) platform to enhance its cross-selling and direct marketing capabilities.
Targeted at unbanked, especially people seeking alternative financial services, the SMM-X platform features a reloadable prepaid card, the Select Mobile Money Prepaid Mastercard issued and managed by CBKC. The platform also comprises a secure access with fingerprint authentication and technology that finds nearest reload locations and ATMs. In addition, it combines the prepaid card to a mobile environment, which helps in extending the card life and creating strong customer relationships. The new mobile app, which is available for both iOS and Android systems, will be managed and issued by CBKC.
Furthermore, the SMM-X platform will help Rebar to expand the reach of its prepaid program to both mobile-savvy customers and over 40 million consumers using alternative financial products. The move is also expected to assist Rebar’s large consumer base applying for online, signal pay, prepaid cards and instalment loans. Unbanked population is going to be a key target segment for the product. According to PayNXT360, nearly 14% of households use prepaid cards in the US.
The prepaid card market, in terms of transaction volume, posted a CAGR of 14.8% during 2012-2016 to reach 23,141.0 million in 2016. Over the forecast period, the transaction volume is expected record a CAGR of 11.0%, reaching 39,651.1 million by 2021 from 26,095.4 million in 2017.
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