Mitek Mobile Deposit to Power More Than 20 Prepaid Initiatives
Mitek Systems (NASDAQ: MITK) today announced that the company's mobile imaging platform is driving the success of more than 20 prepaid card initiatives from some of the most innovative banks, large retailers and telcos by making the process of loading prepaid cards simple and easy. While prepaid cards are not a new concept in financial services, Mitek's mobile imaging technology solves many of the pain points associated with opening and reloading a prepaid account.
Prepaid cards are going mainstream with offerings from some of the top banks and retailers looking to tap into the millions of Americans interested in alternatives to traditional financial services. Mitek's innovative mobile imaging technology is powering these initiatives and fueling adoption of prepaid cards, including those recently announced by a leading retailer and tax preparation company. In fact, Mercator Advisory Group predicts that by 2013, consumers will load $117 billion onto prepaid cards, a 200 percent usage increase in just three years.
Mitek's Mobile Deposit® product solves the critical challenges of prepaid cards by allowing consumers to use their smartphone or tablet camera to instantly set-up, fund or reload the card.