FinancialIT: Financial Inclusion is Nothing without Security: Finding a Better Balance for Prepaid Cards
The use of prepaid cards is on the rise, and at first glance the trend seems completely understandable. As a way to encourage financial control and enrichment for the unbanked, the underbanked, those with poor or non-existent credit ratings, the elderly, and people in need of care, they are something of a social leveller. But as many of these demographics make their first concerted entry into the modern financial world, there is likely to be one aspect of card usage that they treasure most – the need for security. And in this respect, prepaid cards just don’t offer the level of security users need and desire; they need biometric intervention.