The concept of Shop until you drop just got an extra edge. It is shop until you crop the balance on your card. Sounds something worth reading?? Well in a country like India where the penetration of electronic payments are only 5% of the total transactions, a prepaid card for shopping will get a “wow” treatment from all shoppers.
Prepaid cards come as a new marketing vehicle to get your customers hooked on to your brand. Speaking technically a prepaid card gives the impression of being alike to credit card but operates like a debit card. The prepaid card operates with a preloaded amount imbibed on it. Prepaid card are slowly but steadily penetrating in the Indian market.
Prepaid cards, as they popularly known in India, have different uses like gift card, reward card, point’s card, and even a club card. The cards are enabled with barcode magnetic strips at the back. UNIT prepaid Card gives customer personalization and adds to the company’s brand image. On a further note it refers to attracting the new customers and keeping the old customers happy.
Prepaid cards are used by the consumers as a form of identification, while purchasing, to the retailer. The prepaid card gives the holder to avail to the benefit of re-use. It’s a system of money management. Unit prepaid card program comes with specialization in end to end customer prepaid card solutions.
Prepaid Card System can be of help in:
UNIT Prepaid Card Program
A prepaid card program helps to manage data about the customer’s account of the retail outlet. It provides something “extra” to the existent customers listed under the card database then to those who are not listed. It’s a plan to study the consumer’s buying practicability.
Unit prepaid cards help the customers as the use is extremely convenient and flexible. It gives the whole perspective for budget handling and money management individually. Prepaid cards can be reloaded and used for various purchases. It’s not necessary to have a bank account to use these cards.
Types of Prepaid Card Program
Closed Loop Prepaid Cards
The closed loop prepaid cards work like gift cards. Closed loop means the cards would be applicable for one issuer only. These cards cannot be redeemed for cash. There are no particular laws governing the transaction through prepaid cards so if the card is lost or stolen the money cannot be refunded. The closed loop cards work for discounts, gifts and rewards. Card issuers don’t need any particular license for this card system.
Open Loop Prepaid Cards
Open loop cards work like prepaid credit cards. The card user uses the value already prepaid to the card. The benefit of these cards is that the operation is like that of a debit card. Open loop card don’t need a banking account and popularly known as “teen cards” in US and UK.
Open loop prepaid cards have seen growth of 5 – 6 % each year. The cards were first launched in UK six years ago.
The prepaid card program also brings affinity towards the consumers without the sole use of rewards. Then there are also partnerships between different retail outlets so the area for choosing the reward increases for the consumer. UNIT prepaid card software uses the CRM technology and prepaid card programs work on the execution of it.
Unit prepaid card program sees that it becomes the key to your growth in the industry. Unit prepaid card software:
Manages a huge database,
Helps to interact with customers on regular basis and
Holds huge transaction details.
Provides the flexibility in operating the program.
In places like Europe and U.S the penetration of prepaid card market is so high that at least 80 % of population has themselves listed under the database of one or the other prepaid card.
Most banks and governments are launching prepaid cards. Teenagers who don’t have an account with the bank can get a prepaid card of required amount from the banks and use it. Parents are finding this method really innovative for responsible use of money for their kids.
But as an old customer leads to bring a new customer, prepaid card program have surely pioneered the list of “must- have “list of the retail market owners. Unit prepaid program help to keep up with the all time changing dynamics of businesses environment.
To make a prepaid program work it is required for the market owner to define the audience groups, segregating them accordingly and understanding each group well and develop such customer oriented strategies that the customers feel the “something better than the rest” psyche. It also depends on the prepaid card software handling.
Unit Solution’s prepaid program offers customized CRM solutions for every category of business. Prepaid program are one of the major departments which deals with the business execution and also brings in ‘recharged’ hearts and minds of the customer....