There are an estimated 2.5 billion people in the world that are not connected or partially connected to the banks. The prepaid voucher system is to target these people. The prepaid voucher industry has been growing rapidly over the last few years and is expected to reach 877 billion US dollars by 2017.
Prepaid voucher system is a new and upcoming system that is aimed to target people that are either unserved or under served by the banks. The prepaid voucher system is an inclusive, safe and convenient way of storing money and making payments, as no banking relationship or credit check is required by the user.
A prepaid card is pre loaded with funds that can be used as an effective way of payments. For example, different companies may issue a prepaid instrument with a stored value in it. The prepaid cards can be bought and sold at particular venues (already suggested on the prepaid cards) and act as a debit or credit card. The benefit of using these vouchers is that it gives a controlled spending mechanism. For example, a credit card allows a user to spend more than what deposits they have in its account. Through prepaid vouchers you can spend only what you have got or paid for it.
There may be different amounts stored on prepaid vouchers. There can be even prepaid vouchers targeting different segments of the market. For example, there are prepaid vouchers that has less value stored in it compared to others, effectively targeting low income groups. While prepaid vouchers act more like a credit or debit card, it certainly does not require a bank or a connectivity to a bank. It is a quick, easy and accessible way to store value and easily carry around.
The prepaid voucher system is particularly effective for developing countries where the banking system is not very developed. For instance, people living in a developing country with no access to banks and with no safe way to carry or transfer money, can use these vouchers. The vouchers can be in the form of smart cards, magnetic stripe cards, mobile accounts or paper vouchers. The prepaid vouchers can be used by businesses as well. For example, a business may want to limit its spending in a particular department. The prepaid vouchers allow the businesses to spend only what they want to allocate to each section.
The prepaid voucher exchange system is an upcoming system that can rapidly grow over the next few years. It is being continually used by people that want to limit their spending, a business that wants to control spending and people that want to carry around money easily in a place where banking sector is under developed. The prepaid voucher systems can be used effectively without the fuss of the banks, accounts and other paper work. Hence, quick, simple, easy and effective.