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Why Prepaid Cards Matter: 4 Reasons to Tap into This Growing Market

Why Prepaid Cards Matter: 4 Reasons to Tap into This Growing Market

Today, prepaid cards are the fastest-growing non-cash method of payment in the U.S., especially among younger consumers.

In fact, prepaid cards are no longer just a tool for the underserved, but they are being adopted across generations and income levels. For example, did you know that 60% of “millennials with money” (household incomes of $100,000+) report using prepaid cards?

As a financial tool, prepaid cards have many uses. Examples of typical prepaid users include:

  • Unbanked or underbanked consumers who want to participate in the card-based economy
  • Parents of college-aged students who want a reliable way to give money without the risk of running debt
  • Recipients of government benefits who need a safe and secure way to receive their child support or unemployment benefits
  • An employee who doesn’t have a bank account and prefers a card-based payment to avoid the cost of a check casher
  • Someone travelling on vacation who wants to manage money easily—and stay on budget—while away from home.
  • Anyone who wants to provide a universally acceptable gift with no additional fees after purchase until 12 months of activity

If you don’t currently offer a prepaid program as part of your product mix, the timing to start couldn’t be better.

How do prepaid cards work? What is the benefit of prepaid debit cards to your bank or credit union? Find out. 

Download the infographic “Why Prepaid Cards Matter” to learn four key reasons to add a prepaid card program to your mix now.