WASHINGTON—A sweeping new rule providing prepaid phone cards the same user benefits and protections as bank debit cards.
The amount loaded there is now given the same treatment against fraud, unauthorized charges or errors as debit cards linked to checking accounts.
It's part of a new Consumer Financial Protection Bureau requirement to issuers of prepaid cards and peer-to-peer payment services such as Venmo, PayPal, Google Pay, and even Facebook Messenger's payment options, explained Phone Arena.
“The amount loaded on prepaid cards is projected to hit $428 billion in 2021, and now users of such financial instruments will have more clarity about fraud protection and fee structures, such as ATM withdrawals or cash deposits,” Phone Arena said.