Prepaid Debit Cards to Be Heavily Regulated, Bitcoin Cards Will Become Alternative
Prepaid debit cards will become subjected to tightened regulations proposed by the Consumer Financial Protection Bureau by October 2017. According to Lauren Saunders, the associate director of the National Consumer Law Center, the standard of regulation for prepaid debit cards will match that of bank accounts and bank-issued credit cards in terms of loss compensation, fee disclosure, and overdraft fees. Saunders announced: “The rules bring prepaid cards out of the shadows, with protections that in many ways are stronger than those for traditional bank accounts.” Newly implemented....
Related News
One of the hottest tools to mainstream Bitcoin adoption is slowly being rolled out across the international consumer market: the Bitcoin debit card looks set to inject some serious convenience into transacting with digital currency. As promised, and fresh off of the release of the ANX debit card, CoinTelegraph is here to bring you a review of all the major BTC debit cards available on the market right now. Making international payments with fiat debit cards has never been cheap. Banks have been routinely slammed for their unscrupulous fees, which include high rates of commission, poor....
Today, ANX announced that they would be issuing the world’s first Bitcoin Debit Card, with shipping to start very soon. The Debit Cards will be available first to existing ANX Bitcoin Exchange customers who have already completed all verification steps. The development of Bitcoin Debit Cards has been ongoing for many months across several different competitors, and the community as a whole is eager to try out the different offerings. “We believe prepaid cards will play an integral role in a Bitcoin consumer’s day-to-day financial life,” said Ken Lo, Chief Executive Officer of ANX. “As a....
Uber is still standing strong in Argentina, despite months of being denied credit and debit card service, in part thanks to Bitcoin. According to Franco Amati, co-founder of the Latin American Bitcoin Conference, Uber is still holding on despite resistance from government. Amati says: “Uber is fighting the blockade, sometimes Uber changes the place from where it is charging the payment, and local cards work again, but then the government blocks them again.” To fuel the use of cards that are not so easily shut down, Uber is incentivizing prepaid cards, according to Amati. He explains to....
Credit card fraud remains one of the biggest financial threats to consumers all over the world. Giant Food, a grocer in the Washington area, has stopped accepting credit card payments when buying gift cards or prepaid debit cards. It does not happen often retailers stop accepting one of the more popular payment methods in the world today, but Giant Food saw no other options. The grocer has been dealing with massive amounts of fraudulent credit card transactions by customers buying prepaid debit cards or gift cards to use at the store. In fact, the store has put a clear sign at the checkout....
From the same company that brought you Rebit.ph, Bitstars, Coinage, and Bitmarket, is Prepaidbitcoin. PrepaidBitcoin is essentially what it sounds like. Bitcoin available to be purchased, prepaid. This brings Bitcoin to a familiar interface, as many Filipinos use prepaid cards for everything, from minutes to gift cards. It seemed like the most obvious thing to do in a market like the Philippines. This is the texting capital of the world, and 1 in 4 Filipinos now own a smartphone, and something like 95%+ of all SIM cards are prepaid. People are familiar with prepaid cards and use it in....