Home - - New Ruling Requires Prepaid Card Issuers to Be More Protective of Its Consumers

New Ruling Requires Prepaid Card Issuers to Be More Protective of Its Consumers

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Prepaid users, there's a big reason to celebrate! Your prepaid phone card is finally getting more security and benefits as your bank debit card.

Earlier today, the Consumer Financial Protection Bureau signed a new rule requiring issuers to serve their users better.

The new rule required prepaid card issuers to give the same user benefits and protections as bank debit cards do. This means that the amount loaded in these cards will need to be treated with the same tight security measures against unauthorized charges, errors, and fraud.

The ruling also affected peer-to-peer payment services like PayPal, Venmo, Google Pay, and Facebook Messenger's payment system.

There is a projection that the amount loaded on prepaid cards will reach $428 billion in 2021. With this kind of amount, it's only fair that users get to experience the same protection against fraud and clarity on fee structures.

This new ruling gives consumers an assurance that their rights are being upheld to the highest esteem.


To read more about this new ruling, click here.


Source: PhoneArena  

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1 comments:

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  1. I don't get it.
    Don't see how there was a security issue, nor how this 'ruling' is anything more than 'feel good' busy-work by legislators.

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