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How Prepaid Technologies and Visa teamed at the Olympics
Birmingham’s Prepaid Technologies is playing a pioneering role in the emerging wearable technology market. The company provided back-end support for Visa’s Olympic payment ring program this summer, which Team Visa athletes used in Rio to make purchases and withdraw cash without carrying around a wallet or credit cards.
Prepaid President Stephen Faust describes Prepaid’s role as “quarterbacking”, ensuring Visa’s playbook came to fruition on the field.
“Someone will have an idea, and they’ll bring us in because we can quarterback the whole process,” Faust said. “You have to have a bank, a processor, customer service, systems to check cards and move money around … we can provide that.”
Prepaid is now looking ahead in the wearable scene, partnering with MasterCard for a U.S. Youth Soccer initiative. Faust said the project will simplify money for parents by providing kids with a rubber wristband loaded with enough money to buy a meal or pay entrance to a tournament.
This article originally appeared in the Birmingham Business Journal – September 23, 2016 Weekly Edition.