Is Cash-Replacement a Philosopher's Stone or Trojan Horse?

In contract to cash, cash-replacement has an extensive value chain. In its most simplistic form, it is a four-party model. In reality, there are many more entities involved from the point a product is issued by the issuer to the consumer, transacted between the consumer and service provider, and settled across the entire ecosystem. Where some products may require an upfront payment, there are others that are paid for by the consumer at the end. Prepaid cards primarily function as cash-replacement products. Credit cards can also be leveraged as an inexpensive s ...

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