History of Prepaid
The financial services Industry has made a dramatic transformation in the last 15 years.
The growing consumer demand for speed, convenience and control have seen the world adopt new technologies such as ATM's, telephone banking, banking online, chip and Pin and debit cards with amazing speed[1].
The 1950's saw the first Diners and AMEX cards established, 1976 was the year the first prepaid telephone card was launched. MasterCard first introduced the concept of a prepaid card between 1996 and 2001. Today, the Prepaid industry in becoming increasingly widespread with new multifunctional cards coming on the market every year[2]. The White Eagle Prepaid Maestro Card was White Eagle's first programme, launched in May 2008. Initially targeting Eastern European migrants with a 'soft landing' as they arrive in the UK, the White Eagle Prepaid card provided the UK migrant working population with a 'payroll card' (in effect a virtual bank account), a money transfer card, low cost international telephone calls and 'soft landing' information services through 'Eagle Life,' our community web portal. Since then, White Eagle has launched over 40 Prepaid Card programs and co-brands.
Figure: Polymath Consulting; Payments Market is Evolving ever Faster
See our Prepaid Card Programmes for more information.
[1] Future Foundation: A Research Report for Monitise, December 2008
[2] Material sourced, edited and compiled by Polymath Consulting
