Why don’t we start with the premise that is following with regards to technology thus fundamental item expenses, basic function reloadable prepaid cards are indistinguishable from debit cards related to checkless checking reports.
Both prepaid and debit cards must keep a database of specific account documents; both access the exact same repayments system by way of a bank person in a funds transfer system such as for instance Visa or MasterCard.
Both prepaid and debit cards have actually a necessity to «know your consumer» considering that the reports must move across a bank to gain access to the payments community.
Thus, the greatest differences when considering prepaid cards and debit cards are distinctions perhaps maybe not in technology however in legislation, or what’s frequently referred to as «regulatory arbitrage» and only the providers that are unregulated.
Prepaid cards must certanly be necessary to meet with the after three guidelines:
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