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- Western Union EVP Stewart Stockdale says that the remittance market in Saudi Arabia is the second largest in the world.
- Stockdale later went on to question the value proposition of most prepaid debit cards. "I am a big critic of the prepaid industry, because fees and attrition are too high. Prepaid has scale because of heavy fees," he said, "but you can't have attrition of 30 to 40 percent every quarter." His point was that the
Prepaid card companies are seeking out relationships with non-profits that provide direct services to clients. For the card companies, it is a winning prospect. They get new customers, and they gain the benefit of partnering with groups that are perceived as trustworthy to low-income households.
The main point of the CFSI report is to create a framework for how non-profits can make those decisions. This is a worthwhile premise, because a non-profit facing the decision of whether or not to partner with a prepaid card companies must wade through some difficult questions.
If you understand how for-profit prepaid card company makes money, then it becomes