PayPerks Blog

The latest news from PayPerks
  • PayPerks Op-Ed in Paybefore - Prepaid and Financial Capability should grow closer together

    Yesterday, Paybefore published an op-ed written by PayPerks CEO, Arlyn Davich, and PayPerks Director of Partner Development & Consumer Impact, Rob Levy:

    Viewpoint: Prepaid and Financial Capability Have Grown Up; Now They Should Grow Closer.

    If you don't want to click the above link to read the whole article, the key point is summarized below in these two paragraphs:

    For prepaid, the timing couldn’t be more prescient. As the rapid pace of industry growth over the past five years slows down somewhat, program managers and other providers are looking for ways to increase revenue from existing customers, in addition to acquiring new ones. Financial capability can be part of that answer, by driving customers toward behaviors that improve the provider’s bottom line and the consumer’s financial health at the same time.

    Focusing on financial capability means focusing on what actually changes consumer behavior, not just consumer knowledge. So what would it look like for prepaid and financial capability to become a closer pair? According to the foundational research on this topic by the Center for Financial Services Innovation, providers seeking to successfully incorporate the financial capability framework need to ensure the content and tools they develop adhere to four key attributes. They must be: 1) relevant 2) timely, 3) actionable and 4) ongoing.

    Contact Arlyn and Rob at partners@payperks.com if you'd like to continue the discussion.

  • PayPerks CEO Arlyn Davich to speak on Federal Reserve Bank of St. Louis webinar on innovations in financial capability and engagement

    NOTE: Now that the webinar has happened, you can view the presentation or listen to the audio recording of the webinar from this link here.

    Register for what will be an interesting webinar hosted by the Federal Reserve Bank of St. Louis featuring PayPerks CEO Arlyn Davich.

    The webinar, Innovations that Enhance Financial Capability and Engagement, will be held from 2-3:15 PM Central Time on October 2nd. It is free to attend but requires an RSVP here.

    Arlyn has been invited by the Fed to participate along with PayPerks friends and colleagues Joshua Sledge, Innovation Labs Manager at the Center for Financial Services Innovation and Nick Maynard, Senior Innovation Director at the Doorways to Dreams (D2D Fund).

    The discussion will focus on how to translate financial knowledge into financial empowerment and greater access among low- and moderate-income individuals.

    Learn more about how Arlyn can up with the idea, what's in the PayPerks secret sauce, and some of our recent successes on DirectExpress and other prepaid programs.

    For more information on the event, including information how how to submit questions to the participants, check out the event summary: http://www.cvent.com/d/v4q56h

  • Discussing how Mobile Money can impact Financial Inclusion

    I spent the day today attending The Money Event in Las Vegas and spoke on a panel with Lynn Eisenhart, Senior Program Officer at Bill & Melinda Gates Foundation, Financial Services for the Poor and Danny Shader, CEO PayNearMe. Our topic was mobile money and financial inclusion.

    My take-away comment is that financial inclusion in the US is not about what type of mobile wallet consumers will use or the technical details of the encryption used to secure the transaction, but whether consumers can use the technology easily and reliably, whether there is a solution that works most of the time (e.g. consumers are not going to spend effort adopting a system that will only work at 10% of the merchants they frequent) and whether the system can be trusted.

    Cash works, as Danny points out, because it meets these criteria. Existing forms of payment with a mag-stripe plastic card (such as a prepaid debit card) work, but are still confusing to many consumers (try paying for gas at a pump, finding in-network ATMs, or understanding the nuances of selecting credit vs. debit at the POS terminal).

    Whatever mobile money solution/ecosystem/apps/etc is/are eventually adopted by the mainstream consumer segment in the US, it will have to be easy to use, have nearly ubiquitous acceptance, and be trusted. I know we will see some elegant solutions, including Apple Pay, which was announced yesterday, to enable mobile payments, but in my opinion we have a while to wait until we see a mobile money solution that drives financial inclusion in the US.

  • PayPerks featured in American Express video series #SpotlightOnChange

    The team at PayPerks is honored to be the first start-up featured in the new American Express video series #SpotlightOnChange. Watch the video here and read more about the series below.

  • PayPerks speaks at launch of CFSI and JPMC Financial Solutions Lab

    Last night, Arlyn, PayPerks CEO, joined the Center for Financial Services Innovation (CFSI) and JPMorgan Chase & Co. (JPMC) for the launch of their new Financial Solutions Lab: a joint initiative to identify and enhance tech-enabled innovations that address consumer needs.

    Joined by co-panelists (from left to right, below) Max Gasner (CEO, One Financial Holdings), Tom Mikluch (Executive Director, Technology Business Development, JPMC) and Josh Wright (Executive Director, Ideas42), Arlyn discussed how PayPerks partners with financial institutions and governments to increase its impact on consumer financial health.

    You can sign up here to for Financial Solutions Lab updates.