Slideshow 6 Ways Mobile Is Absorbing Debit and Prepaid

Published
  • March 18 2016, 9:57am EDT
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The earliest mobile wallets required consumers to use a stored-value account simply to overcome the wallet makers' lack of bank partnerships. Today, mobile developers are going a step further in using apps to unlock fresh potential for debit and prepaid cards.

Interac Goes In-App

Canada's Interac debit network has rarely shied from innovation, and its new tokenization service is meant to facilitate its move into in-app purchases. The goal is to create a faster payment process for online and mobile commerce.

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Musical Mozido

Mozido is disguising its prepaid push in India as a mobile payment app for music lovers. Starting out as a payment option for the Saavn music-streaming service's unbanked customers, Mozido plans to add a prepaid account through a partnership with a local bank.

Uber Gives Green Dot a Lift

Uber's new Instant Pay service gives the ride-sharing mobile app's drivers a reason to sign up for prepaid card issuer Green Dot's GoBank account. With that account, Uber allows drivers to receive payments instantly, rather than the current system which provides weekly paychecks.

A Big Bank's Mobile Bet

Chase Pay isn't meant to be a one-size-fits-all mobile wallet. Instead, it's a companion to the issuer's 94 million credit, debit and prepaid card accounts. If someone who's not a Chase customer wants to use its mobile wallet, signing up can be as simple as getting a prepaid card.

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Mondo Combo

U.K. banking startup Mondo is working with Thames Card Technology to pair a debit card with its mobile app. Mondo's mobile-centric model places an emphasis on features like being able to block and unblock the plastic card from its app.

Cash Machine

Spain's Halcash offers a mobile gift card system that attacks one of the debit card's strongholds: ATM access. Pin4 lets users send digital gift cards that can be cashed out at an ATM that supports cardless access via a software upgrade.