24
Feb

Former President Clinton Applauds Prepaid Cards

Posted by Henry Davis

Former U.S. President Clinton on prepaid debit cards

Photo by World Economic Forum

Speaking at a recent event on the prepaid card industry, Former U.S. President Bill Clinton said prepaid cards were “an example of the technology available that can help solve some of the nation’s thorniest problems.”

He went on to list several ways prepaid cards can help address the nation’s problems of economic inequality, financial instability, and reduced sustainability.

President Clinton said:

  • Prepaid could “bridge the gap between the cash economy and the mainstream.”
  • With the rise of prepaid cards being used in government programs, especially the Direct Express program for receiving Social Security benefits on a prepaid card, prepaid cards are a “safer, cheaper and more convenient way to do your business,” that cuts down on overhead for government.
  • Prepaid programs that help teens enhance their financial literacy.
  • Prepaid cards offer a way for immigrants to send money home.
  • Highlighted by the Haiti earthquake disaster, prepaid cards provide a convenient way to provide disaster victims aid. “The Red Cross was able to save $7 million, even before Hurricane Katrina, by replacing the paper process with prepaid cards.”
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