American software solution provider Amdocs has introduced a cloud-based card management system that will support service providers in offering their own prepaid cards.
The card management system will support service providers across all industries such as communications, retail and financial services.
Users can link their cards to a mobile wallet, with stored monetary value, loyalty points or airtime as the source of funds. They can also use the cards to pay for shopping at retail POS terminals, and withdraw cash from an ATM or for online shopping.
Amdocs said that its card management system can be easily implemented on the cloud as Software as a Service (SaaS), integrating with local card-manufacturing firm for card printing and distribution.
The system incorporates a back-office administration user interface that manages card specifications, card product definitions and issuer identification number (IIN) ranges, it added.
Amdocs president for emerging offerings Patrick McGrory said: “Enabling unbanked and under-banked consumers to own debit or prepaid payment cards will empower them to join the modern digital economy and further encourage them to adopt more mobile financial services.
“Amdocs’ Mobile Financial Services card management system supports our mobile financial services offerings in digital banking, remittances, and digital commerce and payments markets.
“The ability to issue debit or prepaid payment cards, without investing in technology infrastructure or third-party systems, enables mobile financial service providers across all industries to offer a true multi-channel consumer experience, driving the growth of mobile financial services adoption and usage.”
Additionally, Globe Telecom fintech subsidiary Mynt has tapped the Amdocs Mobile Financial Services solution to power its new Casa service.
Casa will allow Mynt to offer a cloud-based digital money fintech solution that will enable retailers to offer a range of financial services, such as closed-loop companion prepaid cards.