Prepaid debit cards have come a long way from their humble beginning as a means to assist the under and unbanked consumer to one that now offers the ability to transfer crypto currency in real time for immediate spend.
The Movo e-wallet has a number of features that appeal to main stream consumers. Use the MovoCoin function on the app to do a one-time purchase with an instant digital card number that cannot be compromised or stolen. Convert crypto currency using MovoChain on to your e-wallet or send money using the person-to-person (P2P) functionality.
“We’re reinventing what people can instantly do with their cash,” MovoCash CEO Eric Solis said in the release. “[T]hey can access and spend their money now, or use funds for peer-to-peer payments, which enhances the traditional prepaid card. Ultimately, this integration breaks down barriers and creates greater financial capabilities for hardworking consumers.”
Many consumers especially the younger generations still get paid in cash or might have direct deposit to their card, but still need to add cash for a particular purpose. MoneyPak, Reload at the register and Visa ReadyLink are all mediums for loading cash which rounds out the main features desired by prepaid cardholders.
“Movo issues FDIC-insured card accounts through Metropolitan Commercial Bank. The card accounts are attached to instant digital VISA debit cards that protect a user’s primary banking information. The Movo app is available to anyone in the U.S. who registers with a mobile number or email address.”
Overview by Sue Brown, Director, Prepaid Advisory Service at Mercator Advisory Group