Hewlett Packard enters prepaid through bank initiative

Personal computer and printer manufacturer Hewlett-Packard Co. entered the prepaid card industry through its new HP Prepaid Card Services, part of HP's business and technology services division HP Enterprise Services. HP Prepaid Card Services will focus on providing banks with self-service prepaid card programs.

"As consumers and businesses increasingly use debit and prepaid cards as money-management tools, banks need the ability to provide their clients with cost-effective prepaid solutions," said Sean Kenny, Senior Vice President, Industry Services, HP Enterprise Services.

HP Prepaid Card Services said it offers a program that drives efficiency for customer service, back-office operations and inventory management; creates new revenue streams by enabling banks to reach new markets for prepaid cards, such as corporations, retailers and transportation agencies; and provides advanced fraud monitoring tools.

HP added that its prepaid products are compliant with the Europay, MasterCard, Visa chip and PIN requirement.

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