Visa Philippines to expand prepaid cash card business 

Most banks no longer promote credit cards because of their high receivables and a many people worldwide, including Filipinos, now prefer prepaid debit cards to pay for online purchases.   This is the reason why credit card company Visa Philippines is expanding its prepaid and debt card business with its partner banks, Iain Jamieson, president of Visa Philippines, told reporters in a briefing Thursday.   Its partner banks will launch at least four prepaid cards this year. Among its partners are Land Bank of the Philippines Union Bank of the Philippines, Bank of the Philippines Islands, and Rizal Commercial Banking Corp.   University students, overseas Filipino workers, and their families use debit cards more than credit cards to pay for food and bills, according to Visa Philippines.   “They will rather pay in cash, because — this way — they can control and limit their spending,” Jamieson, said referring to the use of debt and prepaid cards as plastic cash.   Unlike credit cards, prepaid cards can be deposited with cash in banks, the Visa executive noted.   “A prepaid card is also light because it does not require a consumer to have a savings or a checking account,” according to the Visa executive.   Jamieson noted many Filipinos now prefer to use credit cards only large purchases of goods and services, like tuition fees and appliances, which are paid in month installments and sometimes with interest.   The use of prepaid cards will continue in the coming years as an increasing number of people own automated teller cards (ATMs) and mobile phones, according to Visa.   About 25 million Filipinos have ATM cards and 84 million use mobile phones. — TP/VS, GMA News