GlobalFintechSeries Interview with Curtis Webb, Vice President, Product Management – Emerging Payments at Meta Financial Group and MetaBank

Consumers are demanding faster and more secure payment solutions in today’s environment while consumer preferences are changing everyday, the ongoing Covid-19 pandemic has also led to a shift in what businesses and consumers need more of to tide through the current business challenges. Curtis Webb from Meta Financial Group / MetaBank joins us in this interview to have a quick chat on these evolving trends.

_____

Can you tell us a little about yourself Curtis? What’s a typical day at work like for you at MetaBank, especially now, given the current Covid-19 pandemic crisis?

MetaBank is one of the largest issuers of prepaid cards in the U.S., having issued more than a billion cards in partnership with banks, program managers, payments providers and other businesses. We also offer a total payments services solution that includes ACH origination, wire transfers and more.

I am responsible for the development, management and growth of many of the company’s emerging payments products. I focus on the acquiring part of our business, including faster payments for disbursements and person-to-person payments. I have been in this position for two years. Prior to joining MetaBank, I served in a variety of leadership roles at Citi and Mastercard. I am also a licensed private pilot and enjoy flying in my spare time.

Given the strategic, long-term nature of the initiatives my team manages, our day-to-day work has not changed drastically due to Covid-19. We are still focused on providing our partners and their clients with innovative products to serve consumers. Of course, what has changed is how we do our work. I used to spend almost half of my time traveling to visit partners, networks and other industry stakeholders. Like the rest of the world, we are conducting our business virtually for now using video conferencing and other tools. These tools have been effective, perhaps even better in some ways, for collaborating and building relationships.

Given the ongoing pandemic, what top thoughts do you have for the way contactless payments and cards as well as other digital payments are being forced to evolve to meet new demands and needs?

Since the Covid-19 outbreak, things have changed rapidly in the payments industry. The biggest trend we have seen is obviously a shift to contactless digital payments. There are likely several reasons for this, as we have been thrown into a low-touch environment.

Early on, it was because many feared cash could spread the virus. As the outbreak progressed and many were under stay-at-home or social distancing orders, digital payments were simply a safer, more convenient solution. Right now, it may make more sense to order an item online you would traditionally buy with cash in-store, or to arrange to purchase your takeout in advance electronically. Many businesses are also switching from checks to digital options for business-to-business and business-to-consumer transactions. This move has a variety of benefits, both today and in more normal times.

For federal disbursements, the pandemic has forced us to truly think through how we can get money quickly to people who need it, in a way that eliminates latency. More than 8 million U.S. households were unbanked as of 2017, according to the FDIC. These households are often among the poorest. When it came to distributing Economic Impact Payments to those who needed them the most, prepaid debit cards offered a great alternative to checks — stimulus payments can be loaded onto prepaid debit cards, and consumers can access their funds quickly.

Read the full article at Global FinTech Series