It is undeniable that the Fintech industry is progressing, with various innovative payment options on the rise. As a developing country, the Philippines has yet to adapt, but Atomtrans Tech Corp (ATC) is already seizing this opportunity for growth by partnering with different banks to issue prepaid cards to make transacting safer for customers.
Based on market research conducted by YCP Solidiance, the growing majority of expatriates in the Philippines are not linked to a local bank, and so they do not possess a prepaid card. Additionally, almost all of those who are linked to a local bank have debit cards and credit cards, but no prepaid cards. As a result, they can only access and utilize cash or debit cards for everyday expenses. While these are valid forms of payment, the prepaid card is a much safer and easier mode of payment. ATC is efficiently applying the use of such mode of payment in the Philippine context.
Prepaid cards are reloadable cards, and the amount present in these cards is dependent on the deposited amount made by the card owner, or by payroll deposits to the card account. Prepaid cards are used for everyday expenses such as food, transportation, and other payments, and there are a lot of reasons why using such is beneficial, especially to expatriates in the country.
First, prepaid cards are generally easier to acquire as compared to credit cards because there is no need for an extensive background check and other supporting documents. Second, Prepaid cards allow people to properly budget their expenses. A card owner will not be tempted to purchase more than they need, because these expenses will be limited to the amount available in the owner’s prepaid card. Third, prepaid cards are easily reloadable, and this can be done through various reloading stations or through a fund transfer. Fourth, almost all prepaid cards have a VISA or Mastercard logo, and this means that it will be accepted in all establishments with a card terminal. Lastly, prepaid cards are not linked to a bank account, and so there is a less risk of fraud, and the user’s savings account can remain untouched.
The benefits of the prepaid card show a convenient utility for the situation of the expatriates, and even other unbanked sectors in the country. Atomtrans Tech Corp offers its own prepaid card for clients in the Philippines. For more inquiries regarding this product, visit www.atcc.ph or send an email to our customer service provider: firstname.lastname@example.org.
This press release is published on BitPinas: [AtomTrans] Going Cashless: Benefits of ATC Prepaid Card