What you need to know about the Virtual UnionPay Prepaid Card
Due to the high demand increase for cash alternative payment methods, the global prepaid card market size was valued at $1.73 trillion in 2019, and is projected to reach $6.87 trillion by 2030.
This increase is due to the convenience of use. Prepaid cards are the best alternative to carrying money around and are often called everyday cards.
Furthermore, not only individuals but corporates are focused as well on new cash alternatives to manage their daily transactions. The card providers are offering convenient payment options.
In this article, we are going to define the prepaid cards, how to use them, their benefits and introduce the new Silkpay virtual prepaid card.
What is a prepaid card?
A prepaid card is a similar card to a debit card or a credit card. Prepaid card holders can make a purchase in any shop they want or even pay for the bills. However, it’s neither a typical debit card nor a credit card. It is not linked to a bank account, while it’s often associated with a card network. A prepaid card supports both online (e-commerce) and offline transactions (at a physical store).
What is the benefit of using a prepaid card?
No unnecessary expenses:
The prepaid card keeps creating more value for its card holders. One of the reasons why more and more customers like the prepaid card is that they can easily control their expenses. It prevents users from paying more than they can afford.
In addition, situations where prepaid cards can be used are increasing rapidly. Customers are more and more used to having a set of 3 to 5 different cards in their wallet so that they can manage their spendings better.
It is not strange to see that nowadays, people can have 1 card for online shopping, 1 card for groceries, 1 card for travel, 1 card for bills and 1 card for other spendings.
More affordable fees and no income restrictions have led customers to own multiple cards at the same time in order to manage their income better without wasting money.
A set of security measures
Accepting prepaid cards defends users’ privacy and safety. Besides advanced technologies to monitor and avoid fraud and being stolen, if the amount to be deducted is over the balance in the card, the transaction will not be approved. These measures make sure money is not taken away deliberately.
Simpler application process
Unlike traditional bank cards, when requesting a prepaid card, there is no need for the applicants to hand in numerous documents and wait for a long time.
Plus, there is no credit check for the prepaid card applicants, and all application processes can be handled online.
Why did Silkpay launch a prepaid card?
For Silkpay, developing an ecosystem that promotes the use of digital payments among all merchants is essential to achieving the goal of financial inclusion.
Financial inclusion is our priority:
The statistics show that 58 million of people do not have a basic bank account in the European Union.
4 million of customers have identified as financially fragile at the end of 2020 because of Covid19. That's an increase of 12%.
Designations for entitlement to the account in 2020 have decreased by 30%. This represents a sharp decrease.
Silkpay’s role is to support individuals excluded from the banking world (individuals with low income, foreigners, etc.) and help them protect their funds, Silkpay launched the ecological Virtual UnionPay Prepaid card on 23rd January.
In order to request a card, please click the button below.
The prepaid card advantages:
The right to an account for all:
In order to promote the financial inclusion of individuals, Silkpay is committed to opening an account to citizens from almost all nationalities( except for countries and regions in this list: Belarus, Cuba, Central African Republic, Democratic Republic of Congo, North Korea, Myanmar, Haiti, Iran, Libya, Russia, Syria, Somalia, Venezuela, Yemen, Zimbabwe, Donetsk, Luhansk, Zaporizhzhia, Kherson region, Crimea ).
Equality:
All Silkpay customers are equal, receive the same service and have access to the same solutions regardless of income, origin, or other factors.
As part of its activity, the Company aims to enable people in precarious situations and people in situations of exclusion to have access to digital payment systems on a daily basis, without which life in modern society becomes increasingly complicated.
We will launch the UnionPay prepaid card issuance service to individuals without income criteria. It is a virtual card that will allow them to pay for their purchases online.
Silkpay, thus, makes it possible to fight against the exclusion of people in fragile situations, because of their personal situation and/or because of their economic or social situation.
To get a prepaid card:
The applicant only needs to provide a valid identity document and EEA address. Plus, no proof of address is required.
No bank account or credit required.
Silkpay greatly shortens the processing period, applicants will get a prepaid card in 2-3 days and start shopping worldwide.
Applicants can apply for up to 3 prepaid cards per ID. Only one card can be requested at a time.
Silkpay offers its prepaid card holders full support and is always prepared to solve their issues.
About the author: Silkpay
Based in Paris, Silkpay provides omnichannel and secure payment solutions to help physical stores and e-commerces in Europe accept more than 30 of the world's most popular payment methods: Visa, Mastercard, CB, UnionPay, Alipay+, WeChat Pay as well as Asia-Pacific’s major e-wallets.
Silkpay is a winner of the LVMH Innovation Award. The company was also selected as a finalist for the "Money 20/20" Best Startup and in the "MPE Berlin” Startup Awards. Silkpay also won the "Best Fintech" awards from Capgemini and BPCE.
Silkpay helps merchants deliver the smoothest payment experience to their customers. We are a talented and international team driven by a single goal: to improve the customer experience and make payments simple and secure.
Sources:
https://www.alliedmarketresearch.com/prepaid-card-market
https://www.mordorintelligence.com/industry-reports/europe-prepaid-cards-market