Over $200 billion in retail purchases were made with a prepaid card in 2014. Now, over five percent of all retail purchases are made using a prepaid card, whether it is a payroll card, a general reloadable card, or an incentive card. Retailers and employers are utilizing the prepaid card market to their benefit.
Employers are using payroll cards to replace paper checks and thereby reduce the administrative costs of the business, and business owners are using incentive cards and reloadable cards to target new demographics and build loyalty. The consumer market is responding. According to Madeline Aufesser, a senior analyst at financial technology consultants Aité Group, “It has become a mass market product, twenty-three percent of the population in the U.S. hold a prepaid card.”
Prepaid cards can also be used for general purposes, such as a parent providing a card to their child to limit their spending while giving them access if needed.Prepaid cards are the way of future.
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