Source: Tuxedo Money Solutions
Gary Palmer, one of the biggest names in the US prepaid market, will be joining the board of Tuxedo Money Solutions, the UK's leading prepaid card provider, as a non-executive director at the start of 2008.
Palmer founded the US company WildCard Systems in 1997 and as CEO steered the company to become the market leader in prepaid MasterCard, Visa and Discover branded cards in both consumer and corporate markets.
The prepaid card market in Britain is expected to mirror an explosion in the US, where the market will generate about $1.8 billion in revenues by 2009, up from about $0.5 billion in 2005. In the last three months, Tuxedo have seen a 400% increase in spending on prepaid cards by their customers in Britain, with a five-fold increase in purchases using the cards over the same period.
In addition to his experiences at WildCard Systems, Palmer has an extensive background in sales, marketing and operations management from his experience in both the retailing and hospitality industries.
Immediately prior to joining WildCard Systems, Palmer was an executive at Circuit City's Florida Division, a unit that generated over $400 million in annual revenues.
Before that, Palmer was regional director of sales & marketing for one of the largest and fastest growing privately held hotel companies in the U.S.
Palmer is a frequent speaker at conferences associated with emerging electronic payment technologies, web-based payment applications and prepaid financial products.
He serves on the board of directors of the Electronic Funds Transfer Association and holds a BS in Marketing from the University of South Florida.