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New technologies to encourage more loyalty solutions in US?
13 Sep 2010

The closed-loop prepaid card market is increasing in the US, according to a new report, which forecasts future growth in loyalty schemes.

The seventh annual study of the market by the Mercator Advisory Group, the total value of closed-loop prepaid card transactions grew by seven per cent in 2009, with $205.39 billion loaded onto cards across a number of sectors.

Tim Sloane, vice president of client services at the company, noted: "Mercator Advisory Group has once again found that prepaid is the best payments market to be in during the recession.

"Growth continues across most segments of the market and likely will continue whichever way the economy goes."

He added that new technologies will be "instrumental" in integrating prepaid closed loop programs to consumer loyalty schemes.

Earlier this month, it was announced that new technology has been designed to more easily facilitate the use of loyalty schemes by small businesses.

AIB Merchant Services launched its AIBMS loyaltyplus programme, which uses contactless technology to reward customers for repeat purchases.