How prepaid cards can help banks to grow despite the pandemic - 1A multi-case study
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Prepaid Cards
How prepaid cards
can help banks
to grow despite
the pandemic
1A multi-case studyPrepaid Cards
Despite the pandemic, the prepaid cards market is showing
positive dynamics. In 2020, the sector is estimated to grow
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.
2Contents
Prepaid Cards
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 access 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
3Deliver government Allow beneficiaries to receive of fees, which means the government can
Prepaid Cards
aid with no delay, no charge, spend money earmarked for recipients
assistance safely and less health risk more effectively.
and efficiently with
Instant disbursements and immediate Contactless paymentsmake prepaid
access to fundsare the first criteria cards safer than cash in terms of hygiene.
prepaid cards that a prepaid card commissioned by
the government has to meet. Italian
Financial aid recipients often belong to
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
Despite its convenience, the instant 400,000 prepaid cards for pensioners and
responded to the global pandemic by
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% control of disbursements to reach
have transferred up to $1,400 to the
of private consumers and 8% of social objectives
affected citizens as one-time payments,
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
Prepaid Cards
geographic and time limits on prepaid
card use. The British island of Jersey, for ID CARD
example, commissioned 105,000 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 platformis 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 isadopting a biometric ID system and has an issuing bank to adapt an existing card expertise. Way4 eliminates this obstacle,
Prepaid Cards
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.
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
6Make interoperable and
Prepaid Cards
marketable 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-Prepaid Cards
Bus
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
the government required this industry to It is no surprise that prepaid card
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
Prepaid Cards
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
transport, competition may be fatal. a $30 discount to passengers paying with than 37,000 retail outlets in Hong Kong
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 The speed of transactions is critical
transport owners and passengers
transit prepaid cards. They were tied to for transit prepaid cards. No passenger
different bus lines, and passengers had Convenience for both transport service
wants to wait in line while somebody
to wait until the car accepting exactly providers and final customers is crucial
else’s fare is being authorized, and no
their type of card arrived. It wasn’t for a transport prepaid card to succeed.
transport owner wants to experience any
convenient for customers, neither was The Octopus Card, for example, managed
delays because of it. To provide instant
it profitable for the prepaid card issuers, to grow into a full-pledged prepaid card
access for regular transport users, there
who only managed to hold a small share thanks to its initial benefits for card-
is the fast-track technology available
of the market each. holders. It is easy to reload and connect
on the Way4 platform. The technology is
Octopus to other credit or debit cards,
Sometimes an issuer can offer a clever now being implemented in the subway of
it comes in physical and virtual formats,
solution to occupy a market niche. In one European city. This is how it works:
and it even allows passengers to take
Argentina, all local banks were eliminated cardholders tap their card at the turnstile,
one trip when their balance is less than a
from the competition for Uber transac- and the system verifies their authori-
transport fare. The card can be used for
tions in one day. The court had accused zation level. If it’s a customer from the
identification to access secure areas —
Uber of violation of local transportation “red” category, whose transactions were
provided cardholders have required this
and labor standards and prohibited previously declined, their prepaid card
option, because by default, the card is
the service from accepting payments won’t be accepted. If it’s a passenger
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.
that they could still use the prepaid cards it offers competitive card processing And if it’s a person from the “green” list,
9they can enter the subway immediately This way, they save on the fees for To sum up, a prepaid card for transport
Prepaid Cards
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.
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.
10Launch a the US have domestic deposits of Choose a promising
Prepaid Cards
less than $1 billion. The funds loaded on co-branding partner
co-branded Starbucks Cards generate yearly income
to the company: according to the compa-
Idea number one is to find a retail niche
prepaid product
where no direct competitor has a prepaid
ny’s spokesperson, 97–98% of the loaded product yet. The strategy worked well
with a retailer
deposits is redeemed. Although the for Starbucks: their closed-loop plastic
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 this feature, customers make orders in
In 2020, retail revenue volumes have
past, and these can reach $125.1 million the mobile app and pick up the chosen
taken a real tumble. They will only return
in company-operated store revenues and goods at a physical Starbucks counter.
to normal in the middle of 2022, according
$15.7 million in licensed store revenues, The payment happens automatically and
to the US statistics. Retailers are in
according to data from 2019. Starbucks seamlessly for the consumer: the money
desperate need of funds to tide them
hasn’t announced any plans for entering is charged from the integrated prefunded
over until sales levels normalize. How can
the finance industry, but banks are account, a debit/credit card, or a PayPal
banks and fintechs help them to increase
already expressing their concerns. account. Now the in-app payments are
their incomes?
This case shows that retailers can making up 12% of the company’s transac-
Some retailers benefit from prepaid tions in the US with more than 25 million
succeed in managing card products on
cards, accepting them as no-interest customers having used the feature. Cryp-
their own, and financial institutions may
loans from their customers. Starbucks is tocurrency payments are also currently
easily lose potential revenue. To avoid
the best example: their stored value card being tested in the app.
this, banks can offer mutually benefi-
liability and current portion of deferred
cial partnerships to retailers and issue Another promising idea is to partner with
revenue in 2019 reached $1.269 billion.
co-branded prepaid cards. a second-to-market player that needs
11 To compare, 102 financial institutions inPrepaid Cards
1
2
4 3
5
7 6
8
Men
u 9
Ca
0
nc
el ,.
Clea
r
Enter
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
In both cases, launching co-branded bank can step up and offer a co-branded Coffee with its bPay by Barclaycard
prepaid products with grocery stores, open-loop card, for example. This is what technology to make the UK’s first reus-
Chase has done for Starbucks: together, able contactless coffee cup together. It
restaurants, and coffee shops shows
they have issued a reloadable open-loop worked as an open-loop prepaid product
promise. Such cards have enjoyed the
biggest share in the global purchase Visa prepaid card. This way, Starbucks can that could be used for payments in the
volume of prepaid card payments — provide their loyalty rewards at a broader café chain and at other merchants,
range of merchants, and Chase has including even the underground. The
47.62%, reaching $208 million in 2019,
and they are expected to stay on top gained a partner whose brand will expand contactless payment element was simply
the bank’s customer base and promote integrated into existing reusable cups.
until 2026.
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
Prepaid Cards
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
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
13Help businesses Payroll Card Load GDV and Number of Active Cards, e 2017 to e 2022
Prepaid Cards
to deliver payrolls 7.0
7.7
8.4
and control
$60
$55
$50
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 deliverFacilitate international
Prepaid Cards
business connections with
a multi-currency option
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
d card
a multi-currency feature. An employer
prepai
could have calculated an outgoing
payment in the company’s home currency, 3
4
and abroad, an employee would have paid 3 6 66
4 87
900 02/2
5
in the currency of a country where they 832
2
RI
stayed. At that, they would avoid unfavor- JAFA
AMIR
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
Prepaid Cards
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 ible features can encourage financial Retailers can pursue their brand aware-
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 payroll transfers in real time.
and convenient payments. But this is
features for the new generation
just the basics that any prepaid card If you’re seeking an experienced partner
of clients
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 timelyLearn more: The Number Of Disbursements Is Increasing, Italy: post-COVID car use frequency intentions
Prepaid Cards
The Number Sent Instantly Barely Breaks 10 2020, Simona Varella, Statista, June 24, 2020
analytical reports,
Percent, PYMNTS, September 8, 2020. Accessed 2020, October 23.
Accessed 2020, November 6.
news, and
Enfuce powers payments in MaaS Global’s re-
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local’ cards in Jersey, Kelly Earley, Silicon
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Competition Heats Up in Hong Kong’s
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Accessed 2020, October 23. Accessed 2020, November 6. Accessed 2020, November 6.
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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 FrosioPrepaid Cards
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.
You Can Now Pay Using Bitcoin for a Uber
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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 Smart Card: 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
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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-
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18Prepaid Cards
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.
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Accessed 2020, November 6. Accessed 2020, November 6.
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en ligne C-Zam ?, Frédéric Sergeur, Capital, Payments Can Help Pt. 1, Jesse Champagne,
October 11, 2019. Finextra, March 28, 2019.
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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.
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