Australia-based payments solutions provider emerchants has signed a 3-month trial agreement with six stores of Cash Converters International to evaluate customer preference for loans to be offered through prepaid debit cards instead of cash.
Under the agreement, Cash Converters will act as an authorised emerchants representative and will be provided with fully reloadable Visa prepaid debit cards.
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Customers can get funds loaded onto their cards instantly by receiving loan payments on a prepaid debit card. In addition, it will also restrict potential for fraud and theft of cash from Cash Converter stores.
emerchants managing director Tom Cregan said that the company will undertake the trial with Cash Converters and test the consumer acceptance of loans loaded to a card, either in full or in part, rather than solely in cash.
"At this stage, we will conclude the pilot at the end of January 2014 and we then expect Cash Converters to undertake a period of review and analysis of this pilot," Cregan added.
Cash Converters, which operates 140 stores across Australia and over 700 worldwide, said it will provide a further update on the trial programme after the conclusion of the review period.
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