The industry often talks about payments as if it’s one, homogeneous group. But in actual fact, that couldn’t be further from the truth.
A ‘payment’ is simply the action of paying or being paid. But the method this action chooses in order to complete itself is completely variable. Today, customers are presented with a wealth of methods. Options include debit, credit, and prepaid cards, mobile wallets, buy now, pay later (BNPL) integrations, or even open banking-initiated transfers – the list goes on.
Each of these off-shoots deserve their own spots in the limelight. That’s why Moorwand has decided to create ‘The History of Payments’ series, where they will dig deeper into a handful of payment types. Moorwand plan to dispel common myths, review the headway they’ve made since they started out, and highlight their individual benefits.
Moorwand have started with prepaid cards, a payment group which has experienced huge growth. Particularly following the emergence of the post-2015 UK fintech cohort, many of which rolled out prepaid cards as part of their initial offerings. Globally, the prepaid card market was valued at $1.8 trillion in 2019. And it’s projected to reach $5.5 trillion by 2027.