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NBPCA Suggests Ways to Simplify the Spring Gift-Giving Season
May 1, 2008.
The NBPCA issued a press release today directed at consumers that suggests ways in which they
can use network branded gift cards during the spring gift-giving season.
Click the link below to view the press release.
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NBPCA Releases Recommended Practices for Anti-Money Laundering Compliance
February 22, 2008. To assist in the industry’s response to reduce
the potential for prepaid cards to be used for money laundering, financial crime or other illegal activity such
as terrorist financing, the NBPCA has created “Recommended Practices for Anti-Money Laundering Compliance
for U.S.-Based Prepaid Card Programs”.
The document provides recommendations for prepaid card industry participants to assist with compliance with the US. Bank Secrecy Act (BSA) anti-money laundering (AML) program requirements.
Click on February 22, 2008 NBPCA Press Release to view the press release announcing the recommended practices.
Click Recommended Practices for Anti-Money Laundering Compliance for U.S.-Based Prepaid Card Programs to view the entire document.
Click Recommended Practices for Anti-Money Laundering Compliance Summary to view an executive summary of the document.
NBPCA Announces Management Change
January 22, 2008 (Montvale, NJ)
NBPCA announces changes to the Association's management.
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Tips for Redeeming Network Branded Gift Cards
An NBPCA news release issued on December 31 encourages consumers to use their gift cards to take advantage of post-holiday shopping deals. Learn More>
Tips for Giving and Using Network Branded Gift Cards
An NBPCA news release issued on December 3 let consumers know that having a great gift card experience is great when they follow some simple suggestions. Learn More>
Consumer Reports Continues to Get It Wrong...
NBPCA Chairman Anil D. Aggarwal responded to the launch of Consumer Reports' "public education campaign aimed at creating awareness of the pitfalls associated with gift cards." This year, the publication took its anti-gift card message to a new level with a full-page ad in the November 13 New York Times attacking retailer-branded gift cards. Mr. Aggarwal, who is also CEO of Prepaid Media, published his response in Prepaid Media's Paybefore publication. He countered Consumer Reports' negative view of gift cards citing recent NBPCA research that found that 93 percent of network branded gift card buyers are satisfied with their purchase. He added that the free market has created "[gift card] products that offer consumers choice" and that "It is the right of consumers to decide for themselves whether or not to purchase a gift card and, if they do, which gift card to buy." To read the full article, click on "Learn More" below.
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Annual Montgomery County Gift Card Survey
The Montgomery County (MD) Office of Consumer Protection issued its annual Gift Card Report. This year's report is kinder to retailer-branded gift cards than in past years, but continues to hit network branded cards hard, largely because of the imposition of fees. The report does not acknowledge that fees are integral to the business model for network branded cards (because profit is not generated from the sale of merchandise as with retailer-branded cards) and that fees, in addition to supporting consumer protections and customer service, help provide consumers with a plethora of gift card options to meet their varied gift-giving needs. Despite the underlying anti-fee bias, the report presents considerable useful data on the terms and conditions of 22 retailer branded and 20 network branded cards.
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Gift Cards from American Express, Discover,
MasterCard and Visa Earn 93% Satisfaction with Consumers
Survey of 1,788 consumers show branded gift cards are chosen as a “thoughtful” and “intelligent” gift
November 8, 2007. A recent survey about gift cards that carry the American Express, Discover, MasterCard or Visa logo reveals that extremely high levels of consumer satisfaction are driving their triple-digit annual growth.
The survey, commissioned by the Network Branded Prepaid Card Association (NBPCA) and conducted by Dan Horne, professor at Providence College and an expert on gift card purchasing habits of consumers, found that more than 93% of consumers who buy branded gift cards are satisfied with their purchase.
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NBPCA Elects Additional Board Members
September 11, 2007. The NBPCA has added three additional industry leaders to its Board of Directors. The new directors are:
- John Chaney, Chairman and CEO of PreCash
- Scott Garka, Senior Director of Risk Management of Capital One
- Jonathan Palmer, President and CEO of FSV Payment Systems
For a listing of the full Board, please see the July 25 entry below.
In addition, Capital One, #154 on the Fortune 500, has joined the NBPCA as the eleventh member of its Founders' Circle. The other Founders' Circle members, an elite group of influential organizations with a major stake in the long-term success of network branded prepaid cards, are BankFirst, Discover Financial Services, EFD, Ecount, Green Dot, MasterCard, Meta Payment Systems, Springbok Services, TSYS, and Visa USA.
Branded Prepaid Cards: A Smart Addition to
Your Student's School Supplies List
August 30, 2007. Millions of students are heading back to school this fall,
and many will be on their own for the first time at college. The Network Branded
Prepaid Card Association (NBPCA), a non-profit, inter-industry trade association
created to advance the success of network branded prepaid cards, suggests adding
branded prepaid cards (cards with an American Express, Discover, MasterCard or Visa
logo) to your student's back-to-school shopping list. The cards are safe and convenient,
and empower students to manage their money-while offering parents peace of mind.
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NBPCA Survey Shows Strong Growth Potential for Reloadable Prepaid Cards
August 6, 2007. The NBPCA's most recent consumer attitude survey shows that reloadable
prepaid cards (including general purpose and payroll cards) are a desirable solution to financial
management challenges faced by many consumers. Respondents-all of whom reported household incomes
less than $50,000-indicate that these cards fill an unmet need, with the strongest responses coming
from cash-based consumers. In addition, early users of reloadable prepaid cards overwhelmingly have
had positive experiences-good evidence these cards are easy to use, meet consumer expectations,
and offer solid value.
Learn More >
NBPCA members may download a copy of the NBPCA White Paper: Consumer Attitudes Towards Payroll and General Purpose Reloadable Cards, which analyzes the survey, and the full research study by visiting the Members Only section of the NBPCA Web site.
Non-members may request a copy of the White Paper by contacting nbpca@npbca.com.
Year One Accomplishments
July 31, 2007. The NBPCA, the trade association for the network
branded prepaid card industry, has met or exceeded all of its business objectives
during its first membership year, which ran from July 1, 2006 to June 30, 2007.
The 37-member association was launched last year to represent the varied
participants that work together to deliver prepaid products to consumers,
businesses and government. At the Association's founding, a robust three-year
business plan was created, with input from the industry and approval from the
NBPCA's Board of Directors, to establish measurable objectives for each membership year.
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