Tag Archives: Monetization

Pay Cards have become the preferred way for the federal government to distribute funds to citizens receiving Social Security Payments. As of December the U.S. Department of Treasury issued a final rule mandating that Social Security and other government benefits be paid to beneficiaries electronically. Payments will be done via direct deposits into bank accounts or loaded onto prepaid cards. This is a huge benefit to consumers that no longer have to go to banks and check cashing facilities to cash their government checks. This is great for the government in that this system significantly reduces the amount of fraud committed, and there is no further need to replace lost or stolen checks, all while cutting hundreds of millions of dollars in check replacement cost.