Using Prepaid Cards for Claims (and other) Payments

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1 Using Prepaid Cards for Claims (and other) Payments American Association of State Compensation Insurance Funds Super Conference Presentation October 2 October 5, 2012 Rick Pileggi Senior Vice President Retail Payment Solutions U.S. Bank

2 Topics Prepaid Defined The Role of Prepaid in the Government Sector The Market Prepaid Benefits Trend Data Prepaid Opportunities Summary Questions

3 A prepaid card is a card that can be loaded with value by you or another person, company or institution. The card can then be used to pay bills, make purchases at shops, by phone, over the Internet and get cash 3

4 Payment Card Models Pay Before Prepaid products draw funds from a pre-funded account which can be funded from a variety of sources. Pay Now Debit products draw funds from a checking account. Pay Later Credit products draw funds from a credit line. Closed Loop Typically accepted by a single merchant/group of merchants. Examples include dept. store gift, phone, and transit cards. Also called retailer-branded or proprietary prepaid cards. Network Branded Carry acceptance mark of a national/international payment network such as Visa, MasterCard, American Express, or Discover. Some ATM/EFT networks also offer prepaid card products. Functionality depends on card application. 4

5 Major Prepaid Models Unbranded Semi-Open Loop (Branded or Unbranded) Branded Gift Card Franchise Card General Purpose Card Phone Card Shopping Center Card Payroll Card Transit Card EBT Gift Card Gift Card FSA Benefit Card Government Benefits 5

6 Prepaid Cards Funds sitting in an individual or more commonly, a financial institution s pooled account Two models, endless variations: Open Loop: Full usage at a multitude of acceptance locations (limited or completely open) Closed Loop: Card that works at a single merchant 6

7 Prepaid Account Attributes 1. Requires limited consumer information to open 2. No credit check required 3. Money usually sits in a financial institution's pooled account 4. Can be funded by the person using the card, another person, a company or institution 5. Similar functionality to credit and debit card except that only money previously loaded on the card may be spent 6. Usually not directly attached to a checking account or line of credit 7. Can be available through non-traditional distribution channels 7

8 The Prepaid Opportunity Can Be Categorized into Three Broad Verticals Projected 2017 Global Open Loop GDV Consumer Corporate Public Sector Consumer reloadable Travel Online Campus Remittances Open loop gift Payroll Incentives & rebates Healthcare & insurance Meal vouchers Business travel Corporate purchasing Public Benefit & Welfare programs Emergency assistance & disaster relief Pension, Social Security Travel & cash management Payroll, incentives Global $274 B $328 B $238 B U.S. $ 84 B $196 B $163 B Canada $ 5 B $ 8 B $ 2 B Source: BCG 2010 Market Sizing Report, May 2010 research commissioned by MasterCard 8

9 Prepaid Card Segments Prepaid cards cover a very wide variety of payments use cases Business to Consumer Employer to Employee Insurance claims Payroll Cards Rebates Healthcare Reimbursement Cards Store Refunds Incentive Cards Promotions Per Diem Cards Government to Consumer Tax Payments Workers Compensation Unemployment, Child Support Payments Veteran's Compensation Merchant to Consumer Consumer Reloadable Gift Cards Youth Cards Travel Cards 9

10 Overview Credit vs. Debit vs. Prepaid Product Attribute Source of Funds Branding Authentication Issuer Losses ATM Access Credit Debit Prepaid Line of Credit Network and Bank; or Private Label PIN or Signature (determined by network not by product) Credit Risk High Fraud Risk - Low Generally (but lightly used) Funds in DDA/Current Account + Optional Overdraft Network and Bank PIN or Signature (determined by network not by product) Credit Risk Low Fraud Risk - Low Always Funds Loaded into Separate Prepaid Account Network or Private Label, Sponsor PIN or Signature (determined by network not by product) Credit Risk Low to None Fraud Risk Low Varies by Program 10

11 U.S. Market Data The U.S. prepaid market is expected to grow rapidly across all segments, especially public sector cards U.S. Prepaid Total GDV $ Billion; CAGR % U.S. Prepaid Open Loop GDV By Sector $ Billion; CAGR % Consumer 2009 Estimate Projection Estimate Projection Source: BCG Prepaid Market Sizing Report, May 2010 Research, commissioned by MasterCard 11

12 Benefits to State/Agency/Dept./Company Ideal alternative to paper checks Card is not limited by geographic or recipient demographic considerations Universal acceptance at 28 million locations worldwide Universal eligibility, simple, convenient and easy to use Allows for 100% direct deposit participation using standard ACH capabilities Increases efficiency and reduces expenses Reduces or eliminates check processing expenses and related workload Eliminates hassles of dealing with lost or stolen checks Issuer is responsible for card replacement, fraud, escheatment and customer service Greatly reduces fraud End to end card program support Higher recipient satisfaction Allows people to participate in direct deposit Makes receiving payments easier and cheaper Enhances perception of agency as being forward thinking and expense minded. NACHA studies have indicated that it costs $0.50 to $2.00 to issue a paper check

13 Benefits to Cardholder Makes receiving payments easier & cheaper No trips to the bank or costly check-cashing services Fast and reliable; no waiting for a check in the mail Instant access to funds once deposited Increases safety and security No need to carry a lot of cash; convenient POS and cash access Unlike cash, a lost/stolen card can be replaced Zero liability fraud protection Saves on potential expenses Reduces the need to purchase money orders to pay bills Use for re-occurring payments, such as utilities No check-cashing fees (estimated at 2% - 7% of check total) The OCC estimated that a person receiving $12,000 annually would pay $246 in check-cashing fees Prepaid Trends

14 Prepaid Card Trend Data 46 States have a Child Support prepaid card program & 41 have Unemployment States continue to add programs where check payments can be replaced by a card, i.e. Workers Compensation, Dept of corrections, Retirement funds, Athletic Stipend, etc. Prepaid card usage continues to grow particularly in the General purpose category Cautious consumers DDA declines/turndowns Generation Y Key markets include unbanked, underbanked, under 21 (Gen Y) Prepaid strength lies in the diverse application as a payment option and an account tool transfers, bill payment.financial mainstream As demographics change, traditional paper-based environments move to prepaid options incentives, rebates, healthcare, government disbursements DDA fee schemes are being reintroduced into mainstream Gen Y 86 % use text messaging, 50% use mobile browsers, 23% use mobile banking

15 The Role of Prepaid Displace Cash, Coupons, Certificates and Vouchers If your Agency, Department, or Group are issuing checks, coupons, certificates, or vouchers to individuals, there may be a Prepaid solution that can help you reduce or even eliminate these costs

16 Prepaid Opportunities Workers Compensation or Disability Do you have the need to pay any type of Workers Comp or Disability Insurance payments? Are you still issuing checks? Cards can be single load or reloadable Cards can be loaded daily, weekly, monthly, etc. to individual cardholder via Direct Deposit (ACH) Card can be used anywhere Visa/MC are accepted including ATM and Bank Branches Reduces expenses associated with issuing checks including reconciliation, mail, fraud, and escheatment State regulated industry with no federal standards for claim disbursements 7 States expressly permit payment using prepaid cards in accordance with statutory or regulatory requirements Arizona, Florida, Louisiana, New Hampshire, Ohio, Oregon and Texas 3 States expressly permit payment using electronic funds transfer (EFT) in accordance with statutory requirements Arkansas, Georgia, and Wisconsin* 4 States where administrative agency has taken position that payment using prepaid cards is permitted California, Massachusetts, Mississippi and Pennsylvania (provided certain conditions are met) 16

17 Prepaid Opportunities Corporate Rewards Do you ever need to give a special reward to an employee for retirement, anniversary, etc. Single Load Corporate Reward Card Cards are purchased and then given to employee. Card can be used anywhere Visa/MC are accepted. (No ATM or cash access) Corporate Rewards cards are continually thought of as a great way to reward and employee. They can purchase what they want. Housing Authority Do you have the need to pay any type of Housing Authority subsidies? Are you still issuing checks? Reloadable Card Cards can be loaded with consumers tax refund to individual cardholder via Direct Deposit. Card can be used anywhere Visa/MC are accepted Reduces expenses associated with issuing checks including reconciliation, mail, fraud, and escheatment 17

18 Prepaid Opportunities Payroll Are you still issuing paper checks to your employees because they are not able to be on Direct Deposit? Reloadable Payroll Card Another form of Direct Deposit. Follows the same NACHA rules as your current employees who are on Direct Deposit. Card is reloadable and can be used anywhere Visa/MC are accepted Reduces expenses associated with issuing checks including reconciliation, mail, fraud, and escheatment Don t forget paying anyone employed during the Summer for special programs Department of Corrections (Prison Release) Are correctional facilities still handing out cash or checks when inmates are released? Single Load Instant Issue Card Cards are issued when the inmate is released and card is loaded with $ funds that the inmate is due. Cardholder activates card and can use anywhere Visa/MC is accepted Reduces expenses associated with handling cash or issuing checks 18

19 Prepaid Opportunities Child Care / Child Support Are you still issuing paper checks for any Child Support or Court Ordered Child Support? Reloadable Card Cards can be loaded daily, weekly, monthly, etc. to individual cardholder via Direct Deposit. Card can be used anywhere Visa/MC are accepted Reduces expenses associated with issuing checks including reconciliation, mail, fraud, and escheatment Temporary Assistance for Needy Families (TANF) Do you currently make TANF available in your location? Do you currently pay this by cash or check? Reloadable or Single Load Card Another form of Direct Deposit if reloadable. Single load cards can be funded via a funding account at the Financial Institution. Card can be used anywhere Visa/MC are accepted Reduces expenses associated with issuing checks including reconciliation, mail, fraud, and escheatment 19

20 Prepaid Opportunities Unemployment (typically State level) Benefits Do you have the need to pay any type of Unemployment benefits? Are you still issuing checks? Reloadable Card Cards can be loaded daily, weekly, monthly, etc. to individual cardholder via Direct Deposit. Card can be used anywhere Visa/MC are accepted Reduces expenses associated with issuing checks including reconciliation, mail, fraud, and escheatment Pension/Retirement Benefits Do you have the need to pay any type of Pension or Retirement benefits? Are you still issuing checks? Reloadable Card Cards can be loaded daily, weekly, monthly, etc. to individual cardholder via Direct Deposit. Card can be used anywhere Visa/MC are accepted Reduces expenses associated with issuing checks including reconciliation, mail, fraud, and escheatment 20

21 Prepaid Opportunities Tax Refunds Do you have the need to pay any type of Tax Refund? Are you still issuing checks? Reloadable Card Cards can be loaded with consumers tax refund to individual cardholder via Direct Deposit. Card can be used anywhere Visa/MC are accepted Reduces expenses associated with issuing checks including reconciliation, mail, fraud, and escheatment 21

22 Prepaid Opportunities Other Possible Prepaid Card Opportunities Book Store Buy Back Emergency Medical Transportation Recycling? 22

23 Summary Open Loop Prepaid Card Opportunities Reloadable Single Load Payroll X Department of Corrections X Child Card/Child Support X TANF X X Workers Compensation X Disability X Corporate Rewards X Unemployment Benefits X Pension/Retirement Benefits X College University X X Tax Refunds X Bookstore Buy Back X Emergency Medical Transportation X X Recycling X X Housing Authority X Other X X 23

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