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Prepaid cards offer firms a range of 'benefits'
27 Aug 2010

Firms can significantly profit from the introduction of prepaid cards, according to an expert.

Prepaid cards are different from traditional bank cards as they can be topped up with credit allowing users to only spend the money they have loaded onto the card.

According to Matthew Lanford, head of prepaid at MasterCard Europe, prepaid cards can also be a useful tool for businesses.

He told dofonline.co.uk: "They can help improve efficiency in internal financial processes such as payroll, cash management and reward schemes.

"If you employ a high number of temporary workers, prepaid can offer the perfect, paperless, solution for paying these workers who are only employed on short-term contracts."

While many company credit cards are open to abuse, Mr Lanford added that prepaid cards can be used to monitor and control employee spending.

Research by Mastercard revealed that the corporate prepaid card industry is expected to be worth $15 billion (£9.7 billion) across Europe by 2017.