January 4, 2018
Ernie Buday, FIS | Vice President, Product Strategy
Convenience and the ability to limit risk have dramatically expanded the draw for prepaid products. No longer viewed as a gateway to financial inclusion for the underserved or a vehicle to keep the lid on kids’ spending while they’re away from home, prepaid now appeals to a broad spectrum of consumers, government, schools, and businesses.
FIS recently created a cash and expense management solution for a major home improvement retailer to win and grow more professional contractor customers.
Leveraging prepaid as a platform, FIS and the client designed a service offering that makes purchasing and accounting easier, while simultaneously increasing security by:
Here’s how the system, powered by FIS’ BizNOW®, works:
Prepaid already includes a raft of familiar products. Gift cards, incentives, toll transponders, Magic Bands at Disney theme parks, in addition to prepaid cards for meals and supplies on corporate and educational campuses.
Prepaid provides easy access to online shopping for non-cardholders, which is helping fuel the rise of online retail. It also limits financial exposure for consumers who want additional security online.
Increasingly, prepaid is the infrastructure that underlies emerging innovations in the Internet of Things, as well as smart-home technology. For example, when your voice-enabled smart refrigerator detects you’re running low on eggs and asks you whether you want to place an order, prepaid can serve as a convenient payments platform. Or when your daughter tells Alexa to order a family of Fingerlings for all her friends, prepaid can limit your risk.
Ultimately, prepaid holds enormous potential for broad applications, while also addressing growing demand for convenient and secure payments. For your next payments challenge or opportunity, consider prepaid.
FIS | Vice President, Product Strategy
Ernie drives growth initiatives that accelerate adoption and revenue for the FIS’ Emerging Commerce solutions, including Loyalty and Prepaid. With over 20 years of financial technology experience, Ernie joins FIS from Worldpay in Atlanta where he led brand and product marketing for their US business. Focused on optimizing their digital strategy, he launched the company’s new omni-channel payments product and new merchant onboarding experience.
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