儲值（STORED VALUE）：新興市場與成長

Abstract

Stored value cards have spread across North America like wildfire. That transformation is occurring faster and to a greater degree than credit cards altered forever the payments' industry's landscape over 20 years ago. The startling fact is, it's still early into the stored value revolution. The changes yet to come, the opportunities yet to be realized, are literally unprecedented.

Originally introduced to include the 50 million Americans that don't have access to credit and banking facilities, stored value in the form of flexible spending accounts and incentive and promotions cards have gone mainstream. The implications reverberate across industry segments. Estimates suggest stored value transactions could exceed $2 trillion in just a few years. A $2 trillion opportunity... but also a daunting challenge as existing players struggle to shift from one mode of transaction to another. And make no mistake  new players ARE targeting this vast potential. Who are they and what do they bring to the table? What market segments will they pursue, and why? Which strategies will prevail? What are the emerging market forces that threaten to disrupt stored value's arc? How will the various market metrics stack-up in terms of potential, application penetration, and revenue realized? What are the variables governing growth in each segment, and just what is at stake in each?

In its largest and most penetrating study to date on stored value, The PELORUS Group offers a compelling case as to which market segments will ultimately prove most profitable, what disruptive technologies and alternatives may emerge to challenge the rise of stored value, and offers some clues as to who the real winners in this high stakes game will be. Nobody studies the emerging stored value market more consistently or passionately than The PELORUS Group. For three decades we've been a leader in identifying, analyzing and projecting forward where the different prepaid markets are headed, as well as what the ramifications to industry participants will be. Our thought-provoking assessments are hailed as cogent exercises in realistic market valuations. Organizations around the world tap into our expertise. Simply put: "Stored Value: New Markets, New Growth" is a report unprecedented in both its depth and strategic perspective.

The PELORUS Group's"Stored Value: New Markets, New Growth"isolates and analyzes:

• What the hottest applications are today, by segment;
• The strategies, markets pursued and prospects are for close to 50 players;
• The impact of new and potentially disruptive technologies on the stored value phenomenon;
• Why banking institutions are beginning to embrace stored value;
• The benefits of stored value compared to cash, checks and other paper-based systems;
• The features of prepaid debit cards and convenience/gift cards;
• Emerging multi-modal and multi-value payment cards;
• Breakouts of key demographics and the criteria and motivations that governs each;
• Major market drivers -- today's and tomorrow's;
• Why the retail sector poses such a large threat to financial services concerns;
• Cost comparisons of stored value cards and credit cards;
• The long term threat posed by alternative payment services;
• Technology, standards, and regulation  how each is changing;
• Granular volume and revenue forecasts for major addressable market segments to the year 2010!

Table of Contents

EXECUTIVE SUMMARY

AN OVERVIEW OF THE STORED VALUE MARKET

• Introduction
• A Brief History
• The Evolution of Payments
  • Four Party Payment System
  • Authorization
  • Clearing and Settlement
• Interchange Fees
• The Coming Paradigm Shift
• The New Paradigm
• Wireless Payments -- New Payment Opportunities
• A Maturing Market -- Payment Trends
• Distribution
• Loading Networks
• The Consumer Value Proposition
• The Corporate Value Proposition

STORED VALUE APPLICATIONS

• Introduction
• Open Systems
• Closed Systems
• Stored Value Applications
• Networked Goods
• Smart Cards
• Consumer Applications
  • Gift Card/Convenience Card
  • General Spending (Prepaid Debit Cards)
  • Travel Cards
  • Money Transfers
  • Incentive and Promotion
• Evolution of Prepaid from Telephony to Stored Value
• mWallets
• Business Applications
  • Payroll Cards
  • An Opportunity for Banks
• Controlled Spending Accounts
  • Insurance Payments
  • Flexible Spending Accounts
  • Business Expense Accounts
• Loyalty Programs
• Vending
• Government Applications
  • Food Stamps
  • Court Mandated Payments
  • Other Disbursements
  • Transit Systems and Parking
• Not-For-Profit Applications
• Multi-Function Cards -- Competitive Advantage

TECHNOLOGY AND INFRASTRUCTURE

• Introduction
• Magnetic Stripe Cards
• Smart Cards
• Prepaid Point of Sale Activation
• Point of Sale Activation Systems (POSA)
  • Types of POSA Systems
    • Customized Systems
    • Generic Systems
  • POSA Vendors
• Loading Networks
• Credit Card, Debit Card, and Check Transaction Trends
• Closed System Cards
• In-House Processing vs Processing Services
• RFID (Radio Frequency Identification)
• SMS Direct Debit

REGULATION IN FLUX

• Federal Regulations
• USA Patriot Act
• State Regulations
• Escheat Laws
• Payroll Regulations

MAJOR PLAYERS

• Overview
• ADP Total Pay Card
• Alliance Data Systems
• American Express
• Corporate Defined Expense Program
• American Express Incentive Services (AEIS)
• Blackstone
• Card Express, Inc.
• CheckFree Corporation
• Chockstone
• Coinstar
• DataStream
• Directo
• DolEx
• Discover Financial Services
• eCommLink
• Emida/Debisys
• Ecount
• EWI Prepaid
• First Data
  • ValueLink
  • Clients
  • ValueLink Applications
  • Western Union
  • Star Network
• FSV Payment Systems
• Givex
• Galileo Processing
• i2c Inc.
• IDT
• InComm
• MasterCard International
• Metavante Corporation
• MoneyGram International
• Moneris/Ernex
• Morgan Beaumont
• MoreMagic
• Next Estate (Green Dot Network)
• NetSpend
• Paymentech
• PreCash
• PRE Holdings
• The Rush Card (issued by UniRush Financial Services)
• Q Comm International, Inc.
• SmartClixx
• Stored Value Marketing
• Stored Value Systems SVS -- Comdata
• Stored Value Technologies
• Safeway
• SVC Financial Services
• Ta'Facil Corporation
• Trycera Financial
• TSYS Prepaid Inc.
• Visa International
• WageWorks
• WildCard Systems

CURRENT MARKET DEMOGRAPHICS AND FIVE YEAR FORECASTS

• Overview
• Methodology
• Assumptions
• Five-Year Market Forecasts by Segment:
• Credit Card Projections 2005 - 2010
  • Dollars, Transactions, Cards
• Debit Card Projections 2005 - 2010
  • Dollars, Transactions, Cards
• Prepaid Debit Cards Sold at Retail 2005 - 2010
  • Dollars, Transactions, Cards
• Payroll Cards 2005 - 2010
  • Dollars, Transactions, Cards
• Flexible Spending Cards 2005 -2010
  • Dollars And Cards
• Controlled Spending Cards 2005 - 2010
  • Dollars, Transactions, Cards
• Government Cards 2005 - 2010
  • Dollars And Cards
• Retail Gift Cards 2005 - 2010
  • Dollars, Transactions, Cards
• Bank Gift Cards 2005 - 2010
  • Dollars, Transactions, Cards
• Convenience/Gift Cards 2005 - 2010
  • Dollars, Transactions, Cards
• Incentive And Promotions 2005 - 2010
  • Dollars And Cards
• Not For Profit
  • Dollars and Cards