Mike Fromant, group managing director, Contis Group says:
"We will see an increase in the number of merchant branded payment cards launching with their own loyalty schemes bolted on. In 2013 big merchants will continue to explore new revenues generated from their customer data. A merchant branded payment card offering cash back and/or rewards on purchases is a shrewd product for brands wanting to track spending habits while encouraging regular and repeated spend in their stores. Next year, more retailers will move to get a piece of this action.
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There is no doubt that 2013 will see an increase in the number of consumers using this prepaid payment cards to earn rewards and cash back. As the numbers of individuals excluded from the traditional banking system continues to increase in 2013, more brands will enter this area of loyalty in a bid to attract custom.
Prepaid payment cards are an excellent way for corporates to control, manage and monitor business expenses, such as travel, accommodation and entertainment costs. With companies maintaining a tight leash on their outgoings, we expect that the number of businesses taking advantage of prepaid cards will continue to grow."
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