Wave Crest Targets European SMEs with New Prepaid Platform (Oct. 14, 2014)
With B2B prepaid programs on the rise globally as corporations look to streamline and control expenses, Wave Crest Group Ltd. is rolling out a new B2B prepaid platform for European businesses. The MyChoice program offers fully integrated issuing, processing and program management for corporate prepaid uses, such as business spending, travel, reimbursement and incentives. Offerings under MyChoice range from turnkey solutions that can ramp up within 72 hours, to fully branded, customized programs, according to the company, which was honored as a Boundary Buster in the 2014 Paybefore Awards.
While MyChoice is available for businesses of all sizes, Wave Crest expects the small and medium enterprise (SME) sector to be a particularly strong source of demand. SMEs account for 99 percent of all European businesses, and many rely on costly manual processes to pay suppliers and other expenditures, as well as loss and fraud risks. By switching to prepaid, SMEs can reap the benefits of saving and security.
B2B prepaid applications already account for the second-highest gross dollar volume in Europe at $133 billion, behind $150 billion in GDV for consumer prepaid programs, according to MasterCard-commissioned research. By 2017, MasterCard predicts that business prepaid will become No. 1, with a projected $325 billion in GDV.
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