How Cards Prepaid prepaid cards can help banks to grow despite the pandemic

1A multi-case study Despite the pandemic, the prepaid cards market is showing positive dynamics. In 2020, the sector is estimated to grow Prepaid Cards Prepaid half as fast as last year, and in the next six years, it will achieve an annual growth rate of 11.69%. This pace almost equals to what was forecast before the pandemic. The market concentration is relatively low, with three top issuers of prepaid cards taking no more than 13.5% of the global market. Some B2B customers appear to be the most promising for adopting new prepaid products. Projects targeting government, retail, and corporate segments are expected to enjoy an even higher growth rate than issuance of general-purpose prepaid cards. Transport-related projects seem attractive as well. This multi-case study explores how issuing banks and processors can make successful prepaid products for governments, transport authorities, retailers, and corporates. What technologies and business advantages are needed to launch viable and profitable solutions? Here is an overview of best practices.

To skip to a particular chapter, click on its name on the next page. 2 Contents Prepaid Cards Prepaid Prepaid Cards Prepaid Deliver government assistance safely Leave out irrelevant features and communicate and efficiently with prepaid cards...... 4 the prepaid card’s value clearly...... 13 Allow beneficiaries to receive aid with no delay, Help businesses to deliver payrolls no charge, and less health risk...... 4 and control corporate expenses in real time..... 14 Provide governments with full control of disbursements to reach social objectives...... 4 Facilitate international business connections with a multi-currency option...... 15 Make interoperable and marketable Enable real-time and instant features for prepaid solutions for transport...... 7 the new generation of clients...... 16 Consider the needs of unbanked Create a prepaid product compatible with several and underbanked employees...... 16 means of transport...... 7 Launch into a well-developed and regulated market...... 8 Learn more: analytical reports, news, Provide exclusive to transport services ...... 9 and industry articles...... 17 Include the features to benefit transport owners and passengers...... 9

Launch a co-branded prepaid product with a retailer...... 11

Choose a promising co-branding partner ...... 11 Offer a prepaid product that retailers can’t manage on their own...... 12 3 Allow beneficiaries to receive of fees, which means the government can Deliver government aid with no delay, no charge, spend money earmarked for recipients assistance safely and less health risk more effectively.

Prepaid Cards Prepaid Instant disbursements and immediate Contactless payments make prepaid and efficiently with access to funds are the first criteria cards safer than cash in terms of hygiene. prepaid cards that a prepaid card commissioned by Financial aid recipients often belong to the government has to meet. Italian the most vulnerable groups during an municipalities, for example, chose Soldo epidemic, such as senior citizens, who Care cards to distribute financial support face restrictions on movement. That is to more than 20,000 families. Recipients why many governments are switching to could use the cards immediately at any contactless prepaid cards to distribute merchant that accepts Mastercard regular welfare payments. In Chile, for payments. example, social services are going to issue Many governments this year have 400,000 prepaid cards for pensioners and responded to the global pandemic by Despite its convenience, the instant low-income earners by the end of the year. distributing large volumes of aid packages disbursement feature is not quite quickly and securely. Some authorities common for such projects. For example, Provide governments with full in the US it is available to only 13% have transferred up to $1,400 to the control of disbursements to reach of private consumers and 8% of affected citizens as one-time payments, social objectives microbusinesses. while in other countries, aid payments A prepaid card platform must be agile, have been recurring since the start of the To achieve social objectives, prepaid cards since authorities may need to quickly pandemic. With lockdown restrictions and should have no service charges. Soldo adapt the basic infrastructure to the local hygienic recommendations, contact-free Care cards used by Italian authorities budget, types of beneficiaries, or terms of delivery of funds is the best option. Many meet this requirement. They allow free- prepaid card use. In Italy, the Soldo Care governments are commissioning prepaid of-charge reloading, which is beneficial prepaid card was first rolled out by the cards to support their citizens with no for unbanked recipients who can continue Municipality of Milan, then 21 more exclusion for the unbanked. What require- using the card for their needs. No part of regions joined, adapting the prepaid 4 ments do such cards have to meet? the aid budget is diverted to the payment card to their needs. Prepaid cards are usually issued with geographic and time limits on prepaid card use. The British island of Jersey, for ID CARD example, commissioned 105,000 prepaid Prepaid Cards Prepaid cards for £100 each which could be used for purchases exclusively at local businesses until October 31, 2020. In ! this way, the local government aimed to support the island’s inhabitants and spur economic activity. Such restrictions allow governments to control the use of funds: BANK prepaid cards containing childcare prepaid card payments may only be accepted in baby stores, and student cards containing educational loans may only be used 8322 9004 8736 6643 to pay in university offices. AMIR JAFARI 02/25

The security of the platform is critical for the government and the issuing bank. More and more cards are equipped with the biometric identification feature, as one of the strongest methods of fraud protection. In Iraq, for example, the state has suffered financial losses from people using fake IDs to receive illicit monetary support meant for state employees and welfare allowance recipients. To stop

5 fraudulent transactions, the country is adopting a biometric ID system and has an issuing bank to adapt an existing card expertise. Way4 eliminates this obstacle, introduced the national QI Card with product or create a new one from scratch allowing banks to deliver an affordable, embedded fingerprint data. Biometric to fit the needs of a particular project, yet secure and modern payment product identification takes place at every region, or type of beneficiaries. Besides to governments and social organizations. Prepaid Cards Prepaid payment, including transactions prepaid cards, the Way4 Social Cards Way4 Social Cards is part of the with prepaid Qi Cards. solution allows to issue credit and debit same platform that powers issuing of cards for individuals and businesses. commercial cards, so it enables the same The abovementioned features are the top high level of fraud protection and the requirements for a prepaid card serving a Governments and social organizations same stack of payment innovations. government project. They can be all met often lack access to reliable state-of-the- with Way4 Social Cards, a flexible payment art financial technologies as they don’t software solution from OpenWay. It allows always have enough funding or banking

6 Make interoperable and marketable prepaid Prepaid Cards Prepaid solutions for transport

This year has shown how quickly trans- Under these unstable conditions, is port services. For example, Whim users port consumption trends can change. it sustainable to make a prepaid card can opt for daily commuting or solely Remember how before the pandemic, for transport? The answer can be yes weekend trips. This flexibility makes the ecologically engaged individuals and city if an issuer implements some of the Whim’s offer sustainable despite travel authorities promoted the use of public below ideas. restrictions or consumer preferences as transport over privately-owned vehi- it is up to customers to decide when and cles? This year, the situation has turned Create a prepaid product how they are going to use their prepaid upside down. First, we observed a natural compatible with several trips or loaded money. decrease in mobility during lockdown. In means of transport In the three years since launch, Whim the French city of Lyon, for example, only The brightest example is an all-inclusive users have completed over eight million 4% of citizens were moving around the transport app named Whim, supported by trips, and now the mobility-as-a-ser- city at the end of March, when mobility the cloud-based processor Enfuce. Whim vice app is aiming to get even broader restrictions were set in action, compared users can top up their virtual prepaid card coverage with its new open-loop to 86% two weeks earlier. Now many and benefit from pay-as-you-go plans in prepaid Mastercard. regular commuters are rejecting public five European countries and Japan. Whim transport and opting for private vehicles supports payments for public transpor- instead. It looks like only ride-hailing, tation, railway trips, taxi rides, car hires, conventional taxi, car sharing, shared shared bikes and e-scooters, and even e-bikes, e-scooters, and e-mopeds have a ferry. There is also an option to buy remained almost at the same level during a multi-modal virtual subscription on 7 the pandemic. a specific set of public and private trans- Bus Prepaid Cards Prepaid

Launch into a well-developed with cash because their Android phones veloped and mostly state-owned by 1997 and regulated market needed to process non-cash transactions when the Octopus Card was introduced. Success of a transit prepaid card depends were allegedly “lost” or “broken”. The It was the second contactless smart a lot on how the transport infrastruc- truth was that cashless payments made card in the world, working exclusively as ture is organized in a particular country. their daily earnings too transparent and a transit card. Now more than 95% of the Compare the two examples below. prevented them from raising fares arbi- Hong Kong population owns an Octopus trarily. There was too little benefit Card, and it has even grown into an open- In Kenya, a major part of the public for private transport owners and oper- loop card. transport is privately owned. When ators, so in the end, the government It is no surprise that prepaid card the government required this industry to initiative crashed. migrate to cashless, operators of matatus issuers have a better chance of success (local private buses) sabotaged the initia- In Hong Kong, by contrast, the transport in a more stable market in control of the 8 tive. They kept asking passengers to pay infrastructure had already been well-de- government. Provide exclusive access registered abroad. The company part- fees and next-day settlement, and its to transport services nered with Xapo, a bitcoin prepaid card technology is compatible even with In the segment of prepaid cards for issuer based in Hong Kong, and provided parking meters. As a result, there are more a $30 discount to passengers paying with than 37,000 retail outlets in Hong Kong Prepaid Cards Prepaid transport, competition may be fatal. The situation with the chaotic transport their cryptocurrency cards. who accept this card, and Octopus daily system in Kenya was compounded by transactions average HK$14.9 million. Include the features to benefit the fact that several issuers distributed transport owners and passengers The speed of transactions is critical transit prepaid cards. They were tied to for transit prepaid cards. No passenger Convenience for both transport service different bus lines, and passengers had wants to wait in line while somebody providers and final customers is crucial to wait until the car accepting exactly else’s fare is being authorized, and no for a transport prepaid card to succeed. their type of card arrived. It wasn’t transport owner wants to experience any The Octopus Card, for example, managed convenient for customers, neither was delays because of it. To provide instant to grow into a full-pledged prepaid card it profitable for the prepaid card issuers, access for regular transport users, there thanks to its initial benefits for card- who only managed to hold a small share is the fast-track technology available holders. It is easy to reload and connect of the market each. on the Way4 platform. The technology is Octopus to other credit or debit cards, now being implemented in the subway of Sometimes an issuer can offer a clever it comes in physical and virtual formats, one European city. This is how it works: solution to occupy a market niche. In and it even allows passengers to take cardholders tap their card at the turnstile, Argentina, all local banks were eliminated one trip when their balance is less than a and the system verifies their authori- from the competition for Uber transac- transport fare. The card can be used for zation level. If it’s a customer from the tions in one day. The court had accused identification to access secure areas — “red” category, whose transactions were Uber of violation of local transportation provided cardholders have required this previously declined, their prepaid card and labor standards and prohibited option, because by default, the card is won’t be accepted. If it’s a passenger the service from accepting payments anonymous. made by debit and credit cards issued in marked “yellow”, who pays with this card Argentina. Uber obeyed the court’s deci- For the merchants that accept Octopus as on transport from time to time, they sion — and pointed out to their customers an open-loop card, it is profitable because wait for authorization and then pass. it offers competitive card processing And if it’s a person from the “green” list, 9 that they could still use the prepaid cards they can enter the subway immediately This way, they save on the fees for To sum up, a prepaid card for transport because they are recognized as reliable sending and processing each transaction can be the most successful when it is payers. The principle resembles a loyalty separately. accepted on various means of transport, program as it benefits the most frequent including the ones most in demand. Prepaid Cards Prepaid Transit merchants can also specify the “customers” of public transport. Without A popular transit card can even grow conditions of re-authorization, giving the fast-track technology, each passenger into an open-loop prepaid product, like another chance to customers whose has to take some more time at the the Octopus Card and the Whim app. prepaid cards are declined for a first time. entrance. An issuer can improve its position by In a custom-set amount of time, such improving their product with unique Way4 provides benefits for transit passengers will be allowed to try to pay and flexible features, available on Way4. merchants too. They can set rules of the fare again, and the system will re-an- micro-payment aggregation to collect alyze their card payment history and, if it transactional data during a chosen period is trustworthy, put them into the “green” of time and send it to the IPS in a batch. category next time.

10 the US have domestic deposits of Choose a promising Launch a less than $1 billion. The funds loaded on co-branding partner co-branded Starbucks Cards generate yearly income Idea number one is to find a retail niche to the company: according to the compa- Prepaid Cards Prepaid where no direct competitor has a prepaid prepaid product ny’s spokesperson, 97–98% of the loaded product yet. The strategy worked well deposits is redeemed. Although the for Starbucks: their closed-loop plastic with a retailer stored funds on the cards don’t have an was a pioneer of stored-value cards, expiration date, the company keeps track and their mobile app was the first-ever of the so-called breakage amounts — the exclusively created for a payment card. funds that were loaded on prepaid cards They were early to introduce an in-store but never used. The amount is counted mobile wallet supporting the Order and as a proportion of redemptions made Pay feature and invisible payments. With over the recent year and those of the In 2020, retail revenue volumes have this feature, customers make orders in past, and these can reach $125.1 million taken a real tumble. They will only return the mobile app and pick up the chosen in company-operated store revenues and to normal in the middle of 2022, according goods at a physical Starbucks counter. $15.7 million in licensed store revenues, to the US statistics. Retailers are in The payment happens automatically and according to data from 2019. Starbucks desperate need of funds to tide them seamlessly for the consumer: the money hasn’t announced any plans for entering over until sales levels normalize. How can is charged from the integrated prefunded the finance industry, but banks are banks and fintechs help them to increase account, a debit/, or a PayPal already expressing their concerns. their incomes? account. Now the in-app payments are This case shows that retailers can making up 12% of the company’s transac- Some retailers benefit from prepaid succeed in managing card products on tions in the US with more than 25 million cards, accepting them as no-interest their own, and financial institutions may customers having used the feature. Cryp- loans from their customers. Starbucks is easily lose potential revenue. To avoid tocurrency payments are also currently the best example: their stored value card this, banks can offer mutually benefi- being tested in the app. liability and current portion of deferred cial partnerships to retailers and issue revenue in 2019 reached $1.269 billion. Another promising idea is to partner with co-branded prepaid cards. 11 To compare, 102 financial institutions in a second-to-market player that needs Prepaid Cards Prepaid

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to grow its revenues and market share to Offer a prepaid product that An experienced issuer can help a retailer catch up with the first mover. To achieve retailers can’t manage on their own to create a custom prepaid solution. their goals, such retailers may accept a A retailer may lack the expertise for Shared expertise can result in higher co-branded prepaid offer coming from launching a more complicated prepaid potential profits and brand awareness. an experienced issuing bank. product, or not have a banking license. A For example, Barclays provided Costa Coffee with its bPay by Barclaycard In both cases, launching co-branded bank can step up and offer a co-branded technology to make the UK’s first reus- prepaid products with grocery stores, open-loop card, for example. This is what able contactless coffee cup together. It restaurants, and coffee shops shows Chase has done for Starbucks: together, worked as an open-loop prepaid product promise. Such cards have enjoyed the they have issued a reloadable open-loop that could be used for payments in the biggest share in the global purchase Visa prepaid card. This way, Starbucks can café chain and at other merchants, volume of prepaid card payments — provide their loyalty rewards at a broader including even the underground. The 47.62%, reaching $208 million in 2019, range of merchants, and Chase has element was simply and they are expected to stay on top gained a partner whose brand will expand integrated into existing reusable cups. until 2026. the bank’s customer base and promote 12 more active use of the prepaid cards. The project received publicity from C-zam offer three years after the start. service was often unreachable. As a major outlets specialized in finance and They had planned to acquire two million result, 30% of the purchased prepaid marketing — Finextra, FinTech Futures, prepaid cardholders by 2022, but never cards were never activated. Neither FMBE, and Mobile Marketing. The approached this number. Was C-zam too widespread awareness of the Carrefour Prepaid Cards Prepaid co-branded innovation was successful complicated? Perhaps it was, especially brand as a supermarket nor the corpora- primarily as a promotional tool, one of since customers had to sign up to an tion’s experience in finance helped their the objectives that an issuing bank can online-only bank account. Carrefour shop- prepaid product to succeed. reach through a joint prepaid project pers might have only needed a simple It appears to be, prepaid cards may be too with a retailer. prepaid card with no registration. complicated to handle for many retailers. Leave out irrelevant features and Communication with potential and They need banks’ expertise in launching communicate the prepaid card’s actual prepaid cardholders matters. and managing card products. Issuers can value clearly C-zam prepaid cards were distributed at help by offering a co-branding partner- more than 3,000 points of sale; however, ship and prepaid solutions that adapt to It is critical to ascertain that a prepaid it seems cashiers were poorly informed each retail vertical’s specifics. card addresses end-user needs. Think about the C-zam usage, and customer of Carrefour, which had to terminate its

13 Help businesses Payroll Card Load GDV and Number of Active Cards, e 2017 to e 2022 . to deliver payrolls . .

Prepaid Cards Prepaid $­ $ and control $  corporate expenses in real time e2020 e2021 e2022

Card load (in USS billions) Number of active cards (in millions)

Source: U.S. Payroll Card Market Overview: The State of Pay by Aite Group

The corporate segment of the prepaid The pandemic has adversely affected incentives and salary disbursements cards market is growing slower than was this growth. In 2020, the entire prepaid through prepaid cards. As a result, the predicted. Under normal conditions, the cards market is estimated to grow only country has seen a 438% increase in the global purchase volume in the corporate half as fast as last year globally. The total number of prepaid cards. cards segment would be expected to number of payrolls decreased by 19 million In any case, a corporate prepaid card more than double in just six years and payments from March to September 2020. has to be flexible to fit the needs of a reach $732 billion in 2026. In that scenario, However, even now, there are some particular employer and responsive to the percentage of corporate cards on the favorable conditions that can support the changes in the economy so that global prepaid market would even exceed corporate prepaid cards growth. In one businesses and employees feel protected the share of general-purpose prepaid part of the world it’s the gig economy, against instability. How can a prepaid cards issued and distributed by banks. while in others, it’s legal regulations that card issuer meet these requirements? In the US along, payroll cards were fore- are improving the position of prepaid cast to grow and deliver the total sum of cards. For example, in India, the central 14 $60 billion to 8.4 million workers in 2022. bank has permitted businesses to deliver Facilitate international business connections with a multi-currency option

Prepaid Cards Prepaid At the start of the pandemic, when the borders shut down for the first time, many companies found that their employees were stranded abroad. Businesses could have supported them by trans- ferring funds to their prepaid cards with a multi-currency feature. An employer prepaid card could have calculated an outgoing payment in the company’s home currency, and abroad, an employee would have paid 02/25 in the currency of a country where they 8322 9004 8736 6643 stayed. At that, they would avoid unfavor- AMIR JAFARI able exchange rates and extra fees. An example of an issuer that can help in a similar situation is Enfuce, a cloud- based processor using the Way4 platform. Because of its cloud-native properties, Enfuce can easily adapt a prepaid product to the regional or industry specifics and launch it quickly wherever the client is located. The use of prepaid cards with the multi-currency feature empowers a 15 business to choose the best contractors, suppliers, and partners, no matter Consider the needs of unbanked and secure way. Health risks related to where in the world they are located. For and underbanked employees in-person cash payments can be mini- such cards, Way4 can be configured to Corporate prepaid cards with flex- mized, even while using public transport. apply a locked-in exchange rate. It allows Retailers can pursue their brand aware- Prepaid Cards Prepaid ible features can encourage financial a corporate to avoid the extra expense inclusion. Imagine a company whose ness and revenue objectives with unique of conversion fees. employees are mostly unbanked — for co-branded prepaid products, and busi- them, payroll cards can secure timely nesses get to control their expenses and Enable real-time and instant and convenient payments. But this is payroll transfers in real time. features for the new generation just the basics that any prepaid card of clients If you’re seeking an experienced partner can provide. To make an outstanding for prepaid card issuing, the OpenWay The quicker a prepaid card payment goes corporate prepaid offer, an issuing bank team is at your service. Contact us to learn through, the more attractive the card may add an extra feature — the flexible more about the Way4 Issuing solution, and becomes to consumers, whether they spending account. It allows employees let’s create the next great prepaid product are digital natives or first-time users. to put a part of their income aside, keep together! One of Enfuce’s clients is Pleo – an issuer it tax-free, and use it to reimburse costs of corporate prepaid cards. It offers an of medical services. The feature can be instant virtual prepaid card that allows built on the OpenWay’s Way4 platform employers to track corporate expenses that analyzes retail transactions and, in real time. A manager receives a according to the purchased product notification on their phone every time code, withdraws the needed amount an employee uses a card and then has from a taxed or a tax-free balance. it added and categorized automatically on an online dashboard. So far, Pleo has Way4 can help issuing banks to meet served over 5,500 business customers the requirements of all types of prepaid in six countries and prepared for further card commissioners. Governments expansion. and welfare organizations may rely on customized prepaid products to

16 distribute financial aid in a timely The Number Of Disbursements Is Increasing, Italy: post-COVID car use frequency intentions Learn more: The Number Sent Instantly Barely Breaks 10 2020, Simona Varella, Statista, June 24, 2020 Percent, PYMNTS, September 8, 2020. Accessed 2020, October 23. analytical reports, Accessed 2020, November 6.

Prepaid Cards Prepaid Enfuce powers payments in MaaS Global’s re- news, and Prepaid Financial Services launches ‘spend volutionary mobility app, Enfuce, May 28, 2020 local’ cards in Jersey, Kelly Earley, Silicon Accessed 2020, November 6. industry articles Republic, September 10, 2020. Accessed 2020, November 6. Cashless Transportation: Kenya and Rwanda As Case Studies, Mondato, January 1, 2020 Iraq’s financial inclusion drive boosted by Accessed 2020, November 6. homegrown fintech, Chloe Cornish, Global and China Prepaid Credit Card Financial Times, April 24 2019. Kenya’s cashless public transport fails to pick, Market Insights, Forecast to 2026, Accessed 2020, November 6. five years on, Cynthia Ilako, The Star, Kenya, Maia Research, 2020. January 2, 2020. Kurdistan Region of Iraq (KRI) — Report Accessed 2020, November 6. Global Prepaid Card Market: Global on issuance of the new Iraqi ID card, Opportunities and Forecasts, 2020–2027, The Danish Immigration Service, Investor’s Information: FAQ, MTR. Allied Market Research, 2020. November 2018. Accessed 2020, November 6. Accessed 2020, October 23. Accessed 2020, November 6. Competition Heats Up in Hong Kong’s Global Potential for Prepaid Cards, Edgar, QI Card. About us, e-Payments Sector, Adrian K. Tam, Dunn & Company, September 14. Qi Card, 2020. China Business Knowledge, June 4, 2020. Accessed 2020, October 23. Accessed 2020, November 6. Accessed 2020, November 6.

Coronavirus bailouts: Which country has the Citymapper Mobility Index, Business — Octopus Hong Kong, most generous deal? BBC, May 7, 2020. Citymapper, 2020. Octopus, 2020. Accessed 2020, November 6. Accessed 2020, October 23. Accessed 2020, November 6.

Soldo Care Cards Help Governments, Local IBM Study: COVID-19 Is Significantly Altering Argentina’s Mendoza province becomes first to Authorities and NGOs Distribute Emergency U.S. Consumer Behavior and Plans Post-Crisis, pass law allowing Uber, Reuters, July 31, 2018. Funds Amid COVID-19 Outbreak, Soldo, IBM, May 1, 2020. April 21, 2020. Accessed 2020, November 6. Argentinian Telecoms (and Credit Cards) 17 Accessed 2020, November 6. Ordered to Block Uber App, Giancarlo Frosio and Paula Vargas, The Center for Internet Statistics at a Glance as of June 30, 2020, Why Invisible Will Make 2020’s Payments and Society, May 3, 2016. The Federal Deposit Insurance Corporation, Innovation Roar, Karen Webster, Accessed 2020, November 6. 2020. PYMNTS.com., September 3, 2019. Accessed 2020, October 23. Accessed 2020, October 23.

Prepaid Cards Prepaid You Can Now Pay Using Bitcoin for a Uber Ride in Argentina, Bitcoin News Network, No one does gift cards like Starbucks, Starbucks and Chase Introduce September 17, 2018. Tonya Garcia, MarketWatch, Starbucks Rewards™ Visa® Prepaid Card, Accessed 2020, November 6. December 23, 2015. Business Wire, June 11, 2018. Accessed 2020, October 23. Accessed 2020, October 23. Anti-Uber protests flare in Argentina as ride-hailing app prepares IPO, Starbucks Card FAQs, Costa Coffee and Barclaycard launch UK’s first Cassandra Garrison, Reuters, Starbucks Coffee Company, 2020 contactless reusable ‘clever cup’,Barclaycard, April 11, 2019. Accessed 2020, October 23. November 28, 2018. Accessed 2020, November 6. Accessed 2020, November 6. Korean banks have growing concerns over A Really : How Hong Kong’s Starbucks prepaid card, Ruby Hinchliffe, Costa Coffee launches contactless reusable Octopus Card moves people, Daniel Szuc, Fintech Futures, February 10, 2020. cups, Finextra, November 19, 2018. User Experience Magazine, 2008 . Accessed 2020, October 23. Accessed 2020, November 6. Accessed 2020, November 6. Starbucks Launches First Dedicated iPhone Barclaycard wakes up to Costa Coffee’s 2019 Annual Results of Octopus Cards Limited, App for Stored-Value Cards, Jim Bruene, Fino- contactless cup, Antony Peyton, Octopus, 2020. vate Blog, September 23, 2009. FinTech Futures, November 19, 2018. Accessed 2020, November 6. Accessed 2020, October 23. Accessed 2020, November 6.

Retail sales in the United States from 2012 Multi-Tender Loyalty Earns the Attention Costa Coffee and Barclaycard launch contac- to 2020, with a forecast until 2024, Statista of Starbucks, The Wise Marketer, tless reusable Clever Cup’. FMBE. Cramer, Research Department, August 28, 2020. September 25, 2020. Harriet. (2018, November 28). Accessed 2020, October 23. Accessed 2020, October 23. Accessed 2020, November 6.

Starbucks Fiscal 2019 Annual Report, Starbucks Reports Record Q2 Fiscal 2018 Costa Coffee and Barclaycard team up for Starbucks Corporation, 2019. Results 2018, April 26. Starbucks Corporation. contactless ‘Clever Cup’, Tim Maytom, Mobile Accessed 2020, October 23. Accessed 2020, October 23. Marketing, November 28, 2018. Accessed 2020, November 6. 18 Carrefour va supprimer son offre bancaire Advantages of Using Prepaid and Payroll Cards Collaboration between Enfuce and Pleo, C-zam et propose un compte Nickel en for Touchless Money Disbursement and Mana- Linda Essén, Enfuce, November 15, 2019. échange, Alexandre Loukil, Capital, gement, Melody Yuan, Reach Further by East Accessed 2020, November 6. May 13, 2020. West Bank, September 14, 2020.

Prepaid Cards Prepaid Accessed 2020, November 6. Accessed 2020, November 6.

Carrefour veut-il abandonner sa banque The Rise of The Gig Economy: How Electronic en ligne C-Zam ?, Frédéric Sergeur, Capital, Payments Can Help Pt. 1, Jesse Champagne, October 11, 2019. Finextra, March 28, 2019. Accessed 2020, November 6. Accessed 2020, November 6.

U.S. Payroll Card Market Overview: Pleo – How it works, The State of Pay, Talie Baker, AiteGroup, Pleo Technologies Ltd, 2020 September 7, 2017 Accessed 2020, November 6. Accessed 2020, November 6.

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