Prepaid2Cash has launched its app-based service for iOS and Android devices to allow easy, convenient and secure conversion of Visa, MasterCard, Amex and Discover prepaid gift cards into cash.

Users could scan their card on the Prepaid2Cash app and receive direct deposit of cash in around three business days.

The new service is intended to address the existing concerns with prepaid cards such as usage-based restrictions or reduced values and fees that do not yield the card’s full face value for customers.

The Prepaid2Cash app features a secure portal log-in to bank accounts of the cardholders, providing improved security with quick access.

While iOS devices require TouchID, the app allows Android users to utilise a customer PIN.

Prepaid2Cash co-founder Peter Vogt said: “As a financial executive and consumer myself, I experienced firsthand the challenges when trying to use my prepaid gift cards.

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“Prepaid2Cash has applied technology to a widespread problem, and provides consumers with an option that enables them to unlock cash from their prepaid cards and have the freedom to pay for things like car payments, travel, rent or perhaps simply put the money to work for them in savings.”