Global payments company Visa has recently issued a set of new standards for American prepaid card issuers to help consumers make better choices among prepaid cards.
All types of prepaid products in the US will be governed by the new standards, according to financialbuzz.com.
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The new rules issued by Visa will help assign a new designation to qualified prepaid cards.
For this project, Visa partnered with The Pew Charitable Trusts and the Center for Financial Services Innovation.
The move comes in the wake of recent reports of data breaches across the nation, including the security breach at retailer Target.
According to Visa, the move will also push prepaid-card issuers towards adopting the positive traits to win the Visa designation, helping improve the quality of prepaid services overall.
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