Page 32 - Pay Magazine s2014

pay awards
Product of the yeAr
The product launched in 2015 that pushed the boundaries of prepaid innovation by creating an out-of-the-box or elegant solution, such as penetrating new geographies or addressing new markets.
Gift Card for Stock
Blackhawk Network, Stockpile
what it is: A gift card that can be redeemed online to open and fund a brokerage account with cash that can be used to buy the stock of choice. Consumers may buy prepaid cards in $25, $50 and $100 denominations as a gift for others or buy it for themselves.
why it works: Ease of use. A consumer
buys the card from a retailer’s gift card rack, enters a code at Stockpile.com, signs up
for a brokerage account and then redeems for the stock of her choice.
why it matters: The card takes some of the confusion and hassle out of investing. Black- hawk surveyed more than 1,000 consumers and found that 73 percent of those surveyed between the ages of 18 and 34 don’t own stock, largely because they lack knowledge about how to make such investments and have limited investment budgets.
differentiators: Makes buying fractional shares of stock simple through retail dis- tribution at Blackhawk partner retail stores, including Kmart, Giant Eagle, Safeway, Wegmans and Buehler’s Fresh Foods.
The traditional approach to giving stocks usually requires opening a brokerage account with the recipient’s Social Security number, along with an initial minimum investment that may exceed $1,000. Stockpile’s service eliminates those hassles.
what the judges said: Product democratizes access to the stock market by providing gift cards in familiar retail locations that can be used online to open an online brokerage account to buy stock for as little as $25, plus a trade fee.
30
wInners
Innovative gift card enables recipients to buy fractional shares of stock at convenient retail locations.
Self-Service Direct Deposit
Global Cash Card
FirstView and PSKW Healthcare Solution
FirstView Financial, PSKW Marketing
prepaid