Global Potential For Prepaid Cards - Edgar, Dunn & Company
Global Potential for Prepaid CardsOverview of Key MarketsSeptember 2019 Edgar, Dunn & Company, 2019
Edgar, Dunn & Company (EDC) is an independent global financial services andpayments strategy consultancyEDC Office LocationsEDC - Independent, Global and StrategicFounded in 1978, the firm is widely regarded as a trustedadvisor to its clients, providing a full range of strategyconsulting services, expertise and market insight, andM&A supportEDC has been providing thought leadership to its clientbase working with: More than 40 European banks & card issuers/acquirers Most of the top 25 US banks and credit card issuers All major international card associations / schemes &many domestic card schemesLondonParisSanFranciscoFrankfurtDubai Many of the world's most influential mobile paymentsproviders Many of the world's leading merchants, includingmajor airlinesSydneyOffice locationsShaded blue countries represent markets where EDC conducted client engagementsEDC Key MetricsFinancial services and payments focusSix office locations worldwideIndependent - owned and controlled by EDC Directors 1,000 projects completed 250 clients in 40 countries & 6 continentsConfidential2
EDC has deep expertise in across seven specialist practice areasM&APracticeLegal ential3
A global perspective of prepaid from a truly global strategy consulting firmCountries where Edgar, Dunn & Company has delivered projectsConfidential4
The global prepaid card market is expected to reach 3.7 trillion by 2022 - a growth of22.7% from 2016 to 20221 3.7tnsize of global prepaidmarket by 2022Confidential1Allied MarketResearch 20175
What we will cover today .2North America1Europe3Asia PacificFive Fascinating Facts Per RegionConfidential6
EuropeFive Fascinating Facts about Prepaid in EuropeRegulatorychangeRole of the EMIvs. the bank andBIN SponsorThe role of mobilevs competitivefeatures forprepaidProgrammesfor diversenichesExpected to eachUS 438.2 billionby 2023Confidential7
Despite the decline in the number of prepaid cards in circulation, prepaid cardtransaction value is undergoing strong growth in Europe, indicating increasedprepaid card usage amongst Europeans 50,000Value of Prepaid Cards Transactions( USDmn) 45,000 40,414Number of Preapaid Cards 1,809127,076 40,000123,369120,000 25,00080,000 47,441 34,000 35,000 28,389 30,000100,000Europe 23,552 20,403 20,00060,000 15,00040,000 10,00020,000 5,0000 he total number of prepaid cards in issue is declining in Europe The total number of prepaid cards in issue has decreased by 20%, from 154.2m (2013) to 123.4m (2018) - a decrease of30.9m prepaid cardsThe decrease in the number of prepaid cards has been driven by France due to the discontinuation of the prepaid cardbrand Moneo in 2015 as well as regulatory changes introduced in 2017 impacting prepaid cards Moneo was an e-system available from 1999 to 2015 in France that enabled cashless payments for transactions of upto 30 Regulatory changes include stringent KYC requirements, maximum balance of 10,000 and maximum monthly usageof 1,000 but prepaid card transaction value is undergoing robust growth, indicating that European consumers are increasinglyusing prepaid cards for paymentsNOTE: data is for open-loop cards only and covers 8key markets in the region: France, Germany, Italy,Portugal, UK, Switzerland, Poland and GreeceConfidentialSource: EDC, Global Data8
The popularity of challenger banks such as Revolut has refocused the appetitefor prepaid cards amongst European consumersEuropeRenewed value proposition of prepaid cardsGreater sense of control and security Instant spending notifications Built-in budgeting Ability to freeze and unfreeze the card via app Ability to turn off contactless payments, swipepayments or ATM withdrawals from the app Location based securityOverseas transactions – Interbank exchange rate withno fees Over 150 currencies available No fees on both ATM and card payment transactionsEasy to set up – e-KYCAddition to primary accountCombine banking app with physical card paymentsOver 6m Europeans are already using RevolutConfidential9
Prepaid cards are moving away from the traditional plastic to target specificconsumer segments to biodegradable cardsEuropeLaunched by CaixaBank in Sep 2019Cards are manufactured with cornstarch and biomassCaixaBank developed a completerecycling programme targeted atconsumers concerned about the impactof plastic on the environmentFrom traditional plastic cards to metal cardsLaunched by Revolut in Aug 2018Targeted at the high-income segment to virtual cardsThe card has a monthly fee of 12.99and offers: 1% cashback outside Europe and 0.1%inside Europe 24/7 concierge and one freeLoungeKey PassTargeted at online shoppersUsers are able to instantly create adisposable virtual prepaid card throughthe Revolut appUsers can have up to 5 virtual cards atthe same timeConfidential10
Italy is one of the largest prepaid card market in Europe. An example of a wellestablished prepaid product is the Postepay cardNo bank accountrequiredEuropeIssued byPoste ItalianeCo-branded withVisa or MastercardPay bills, mobilerefills, checkbalanceVirtual cardavailableUsed for up to 2,500 per year 19 million cards issuedTwin dual cardsupportsremittancesConfidentialRequires photoID and socialsecurity numberCan be usedonline andabroadPostepay Junioroffered to youthsegment (under 18)11
Poste Italiane and Mastercard have partnered with Lionel Messi to promotetheir Postepay Evolution prepaid cardEuropeKey features of Postepay Evolution include: IBAN number that allows consumers to get their salary or receive bank transfer on the card The card can be managed from the Postpay app Adhered to BancoPosta discount programme Supports GooglePayPostepay has issued over 5m Evolution prepaid cards since July 2014Confidential12
German’s domestic scheme Girocard offers two variants of prepaid cards:Geldkarte and girogoEuropegirogoGeldKarteRechargeable prepaid cardCan be used for parking tickets, publictransport, and tourist attractions400,000 acceptance points in GermanyMaximum stored amount: 200Rechargeable prepaid cardContactless enabledPayments up to 25 without entering a PIN15,000 acceptance points in GermanyMaximum stored amount: 200Some Girocard cards come with the functionality of GeldKarte and girogo integrated.Otherwise, consumers can buy separate Geldkarte and girogo prepaid cards for 14,90 eachConfidential13
EuropePrepaid regulations – EuropeAccording to the European Council Directive onStrong Costumer Authentication:An anonymous payment instrument which doesnot hold funds over 150 at any time will beexempt of the two factor authenticationThis will apply to prepaid cards such as gift cardsor vouchersFrance introduced regulatory changes for prepaidcards in January 2017The main changes were on the maximum limits forprepaid cards:Max. stored amount: 10,000Max. reloaded amount per month: 1,000Max. withdrawn amount per month: 1,000SCA regulation came into forced on the14th of September 2019In addition, since May 2017, all prepaid cards canonly be issued to ‘verified’ individuals withregistered addresses in FranceConfidential14
North AmericaFive fascinating facts about prepaid in North AmericaTravel cards havebecomemainstreamLarge unbanked/underservedmarket in the USMassiveclosed loopmarketMature market forcorporate &governmentprogramsPrepaid cardsare used assubstitutes forcurrent accountsConfidential15
North AmericaThe prepaid card market is undergoing strong growth in North AmericaNumber of Preapaid Cards (000s)Value of Prepaid Cards Transactions( ,000100,00050,000020132014201520162017 200,000 180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 02018 129,6522013 156,787 161,60020152016 171,353 180,321 143,144201420172018The number of prepaid cards in issue in North America increased by 68% over the past 5 years, from 255.0m (2013) to 429.3(2018) – an increase of 174.3m cardsBoth the Canadian and the US prepaid markets are undergoing robust growth, 103% and 64% respectivelyGrowth in the US prepaid market is being driven by the 20m underbanked adult population. In addition, the market isgradually offering a higher number of products targeted at higher-income population segments, such as internationaltravellersThe Canadian market is experiencing positive growth across all prepaid segments (i.e. consumer, corporate andgovernment)NOTE: data is for open-loop cards only and covers 2key markets in the region: Canada and the USConfidentialSource: EDC, Global Data16
North AmericaKoho is a personal finance mobile app linked to a GPR cardKey features include: Real-time transaction notifications 0.5% instant cash-back on all purchases Round up each purchase to the nearest 1, 5 or 10 - balance automatically saved Set up a savings goal Categorize spending by main categories such as groceries, retail, entertainment, etc.Confidential17
North AmericaACconversion is a multicurrency travel card from Air CanadaCIBC, in cooperation with Visa and Air Canada, has launched a travel multi-currency prepaid cardtargeted at travelersMain features include: Can be fully managed through a mobile app Up to 10 currencies supported (AUD, CHF, EUR, GBP, HKD, JPY, MXN, USD, TRY & CAD) Offers 24/7 support Access to a draw to win a return ticket with Air CanadaConfidential18
North AmericaCanada Post is one of the largest issuers of prepaid cards in CanadaCanada post targets consumers with 4prepaid cards Cash Passport – a travel card An open loop gift card 2 GPR cardsThe 4 prepaid cards can be stored onZenwalletConfidential19
North AmericaPrepaid regulations – CanadaThe Canadian Department of Finance published inJuly 2019 an Act amending the anti moneylaundering and terrorist financing regulationsThe Financial Consumer Agency of Canada definestwo types of prepaid cards:Prepaid cards issued by a financial institutionThese regulatory changes affected to prepaid cardsissued by financial institutions.Promotional prepaid cardsFor the first type, the issuing institutions are notallowed to:Set an expiry date on the funds loaded onto aprepaid card or productPrepaid cards are defined as ‘a product that giveselectronic access to funds or virtual currency paidto a prepaid payment product account held withthe financial entity in advance of the transaction’The new regulation introduces increased recordkeeping and suspicious transaction investigationrequirements for prepaid payment productaccountsCharge maintenance fees for at least one yearafter the prepaid card or product is activatedConfidential20
Chase Liquid – example of mainstream banks offering general purposeprepaid cardsNorth AmericaChase Liquid is a GPR card that allows its users to withdraw money from ATMs and make purchaseswherever Visa is acceptedJPMorgan Chase, unlike non-bank players, charge a monthly fee of 4.95 for the use of the ChaseLiquid cardJPMorgan Chase entered the prepaid card space to help offset the revenue loss caused by theDurbin Amendment, which limited the amount of interchange revenue earned by larger banks fordebit card transactions Other US-based banks such as US Bank also followed the same strategyConfidential21
North AmericaThe Bluebird prepaid card is used as an alternative to current accountsAmerican Express, in cooperation withWalmart, introduced the Bluebird card, aprepaid card linked to a mobile app, with nominimum balance requirementsThe card can be loaded online or at WalmartstoresKey features include: Family accounts: up to 4 cards can be linked tothe same account Personal financial management: instantnotifications and categorisation of transactions SetAside accounts: consumers can set savinggoals, transferring the money to a savingsaccount 24/7 customer servicePrepaid cards are popular replacements forcurrent accounts due to lower fees chargedfor non-banking products Many unbanked consumers can not afford acurrent account in the US due to the high feescharged by banksConfidential22
Comerica Bank shut down a component of its prepaid programme forfederal benefits after over 5,000 cardholders were affected by fraudNorth AmericaComerica Bank shut down a component of itsprepaid card programme for federal benefitsreceivers in August 2018 after identifying anumber of fraud causesFraudsters exploited security flaws in Comerica’sCardless Benefit Access Service to obtainaccounts belonging to federal beneficiaries suchas pensioners and disable peopleThe service was part of the Direct Expressprogramme, a partnership between ComericaBank and the US government, that allowed theunbanked population to access their funds viaprepaid debit cardsFraudsters stole Direct Express card numbers,addresses and three-digit card identifiers,enabling them to make fraudulent CNPpurchasesMore than 5,000 cardholders were affected bythis fraud scandalConfidential23
North AmericaStarbucks enables ‘invisible’ pre-funded payments for consumers in the USAn ‘invisible’ paymentis a payment that doesnot require any actionfrom the shopper atthe check-outIn the US Starbucks allows consumers to pre-order from the Starbucks app, prepay for it and thencollect the order from the nearest store, reducing the queuing time for consumersPayments are taken from a prepaid Starbucks card stored on the Starbucks appThe Starbucks app also allow consumers to send digital gift cards to their friendsConfidential24
Starbucks also launched an open loop prepaid card, enabling consumers tocollect points for purchases at Starbucks and other stores in the USNorth AmericaStarbuck and Chase launched theStarbucks Rewards Visa Prepaid Cardin 2018Main features include: 1 Star per 10 spent No monthly, annual or reload fees Redeem Loyalty points for rewards Loyalty points do not expireMaximum Load Amount: 10,000Confidential25
North AmericaEuropean issuer makes the step into North AmericaIn 2017, the German banking software company Wirecard AG took its first step into the NorthAmerican market through the acquisition of Citi Prepaid Card ServicesCiti Prepaid Card Services operated over 2,500 prepaid programs Strong experience in the corporate incentive and corporate disbursement programs for salaryand travel 120 Citi employees transferred to WirecardLunched mobile wallet integration with Apple Pay, Android Pay and Samsung Pay in December2017Wirecard is now amongst the TOP 30 German companies in terms of market capitalisationConfidential26
North AmericaPrepaid regulations – U.S. (1/2)The Consumer Financial Protection Bureau (CFPB)implemented updates to its 2016 prepaid rules inApril 2019The CFPB was created by Dodd-Frank Act to protectconsumers from banks.The rules apply to prepaid accounts, virtual prepaidaccounts and other prepaid instruments and aim togive consumers greater protection – similar to thatof a debit card when a card is lost or stolen,transparency in consumer fees, regular statements,etc.ConfidentialPresident Trump has started the process ofreviewing the impact of Dodd-Frank on the USmarket suspecting that compliance burdensdecrease the competitiveness of the market.The process could lead to the revocation of DoddFrank Act, repealing the CFPB as well as theinterchange fee cap on debit cards in the DurbinAmendment27
North AmericaPrepaid regulations – U.S. (2/2)In 2016, the Uniform Law Commission (ULC)published the 2016 Revised Uniform UnclaimedProperty Act (“RUUPA”) – a new model law thatseeks to modernise escheat lawIn the past 3 years ten states have adopted the newrules related to unclaimed property statutes,covering whether and when businesses shouldescheat gift, payroll, loyalty, and other storedvalue cardsThe UCL proposed definitions for gift cards andstored-value cards, but the definition of escheatrules for gift and stored-value cards was left up tothe statesTwo examples of the application of theRUUPA on gift cards:The new law in Colorado(effective in 2020) will obligebusinesses to give 100% of theremaining balances on gift cardsto the State after the card hasnot been used for five yearsBy contrary, Kentucky nowexempts most gift cards fromescheat as long as the cards donot expire or have post-sale feesConfidential28
Asia PacificFive Fascinating Facts about Prepaid in Asia PacificVery diverse marketspresenting very differentopportunitiesChina & India vs.Japan & AustraliaThe importance oflocal card networkssuch as RuPay andUnionPayA wide range ofprepaid programsGrowingregion forprepaidConfidential29
The total number of prepaid cards in issue has increased by 34% over the last 5years in APACNumber of Preapaid Cards ia PacificValue of Prepaid Cards Transactions( USDmn)740,845 250,000628,198 200,000554,163500,000 165,592 157,67120132014 168,010 182,190 194,061 204,631 150,000400,000 100,000300,000200,000 50,000100,000 002013201420152016201720182015201620172018The total number of prepaid cards in circulation has increased by 34%, from 554.2m (2013) to740.8m (2018) – an increase of 186.7m prepaid cardsGrowth is being driven by India, Singapore and Japan, with respective growth rates of 438%, 121%and 73% In December 2016, the central bank of India permitted non-listed corporates, publicorganisations and sole proprietors to issue payroll prepaid cards to their employees for thedisbursement of salaries and other benefitsAustralia and Hong Kong prepaid market are undergoing healthy growth, with respective growthrates of 6% and 8%NOTE: data is for open-loop cards only and covers 7key markets in the region: Australia, China, HongKong (reported separately), India, Japan, SouthKorea and SingaporeConfidentialSource: EDC, Global Data30
Asia PacificPrepaid cards in Asia/Pacific – three key marketsAustraliaHong KongHigh banking penetration has kept welfare andpayroll cards at low levels compared to debitand credit cards‘Premium’ prepaid cards connected toretailers, frequent flier programmes andforeign currency load capability are popularThese cards are popular with the leading banksappealing to the youth/teen marketHighly penetrated market, with each adultholding five prepaid cardsClothing & footwear and Homewares are thetop two product/service categories bytransaction volumeBank branches, public ticket offices, and shopsare key distribution channels for prepaid cardissuersSingaporePrepaid cards are widely used by Singaporeans.There were 9 prepaid cards for each individualin Singapore in 2018Popular formats include travel and virtual cardsPrepaid cards with contactless functionality arewidely availableConfidential31
Asia PacificAll the leading Australian retail banks issue open loop prepaid cardsConsumer propositions include:Travel moneyGift cardsGeneral use prepaid cardsYouth cardsOn the other hand .Amex discontinued its prepaid travel card in 2016 and stepped away from prepaid inAustraliaConfidential32
Australian Post is one of the leading open loop prepaid issuers – mainlyserving consumers with a travel money cardAsia PacificUp to 5 different currencies(AUD, GBP, EUR, NZD, USD)Minimum Load AmountAUD100Maximum Load AmountAUD10,000Maximum Annual LoadAmount UAD25,000Confidential33
Asia PacificCo-branded gift cards are also popular – ANZ is one of the leading playersANZ allows consumers to earn reward points through ANZ issued Visacredit/debit cards and to be converted to retailer gift cardsOpen loop gift cards are less popular witha few examples – such as Coles inpartnership with Commonwealth BankConfidential34
Heritage, one of the more innovative banks, launched awearable prepaid wristband in 2017ConfidentialAsia Pacific35
Australia-based digital-only bank XINJA launched a prepaid card linked to amobile app in March 2018Asia PacificKey features:No ATM fees globallyZero currency conversion feesSpending trackerAbility to freeze and unfreeze the card viaappLike Monzo in the UK, XINJA is planning to movefrom a prepaid card offering to a full currentaccount serviceAs a result, XINJA is no longer takingapplications for the Xinja prepaid cardConfidential36
Asia PacificRegulation - AustraliaThe Australian Consumer Law hasintroduced the followingamendments in the T&Cs of giftcards:Validity – gift cards must bevalid for at least three yearsDisplay – gift cards mustprominently display the expirydate or the words 'no expirydate' if the card will not expirePost-Supply Fee Prohibition* –post-supply fees are prohibited,except for some fees, which aredefined in the regulationsEffective from 1st November 2019Australian Competition &Consumer Commission bannedexcessive surcharges in 2016The purpose of the ban is to stopbusiness from surchargingconsumers more than what itcosts for the business to acceptthat payment methodThe ban on surcharging affectedthe following forms of payment:Eftpos (debit and prepaid),MasterCard (credit, debit andprepaid), Visa (credit, debit andprepaid), American Express“companion cards”Note: * Permitted post-supply fees include: paymentsurcharges, FX fees and the reissue of a lost, stolen ordamaged cardConfidentialThe Reserve Bank of Australiacapped interchange fees on debitand prepaid cardsThe weighted-averageinterchange fee benchmark fordebit & prepaid cards is 8 centsper transaction, with a celling onindividual interchange rates of 15cents or 0.2%37
HKT, Hong Kong's premier telecommunications service provider, launched aUnionPay prepaid card in 2018 (March)ConfidentialAsia Pacific38
Octopus card is Hong Kong’s most popular prepaid card, with 99% ofHongkongers holding an Octopus prepaid cardAsia PacificOctopus CardOriginally issued for transport in Hong KongThe octopus card has expanded its usage togovernment tolls as well as to parking ticketsand retail purchasesSupports online paymentsFour types: Child, Adult, Elder and PersonalisedNo identification required (except for thePersonalised)Can store up to HK 1,000As of 2018, there were 33m Octopuscards in circulationConfidential39
Octopus has launched ‘Smart Octopus’, a digital prepaid card that enablesconsumers to make mobile payments via Samsung PayAsia PacificIn December 2017, Octopus partnered withSamsung Pay to allow Octopus cardholders tomake contactless mobile payments viaSamsung PayStored value limit of HK 1,000Confidential40
Octopus has also partnered with Mastercard to launch O! ePay Mastercard, areloadable virtual prepaid card that allow consumers to make online paymentsAsia PacificO! ePay MastercardReloadable virtual Platinum prepaid cardAccepted globally for online purchasesMaximum stored amount: HK 10,000Daily transaction limit of account(O! ePay Pro): HK 10,000Annual spending limit of card(O! ePay Pro): HK 1,000,000Confidential41
Crypto.com partnered with Visa to launch a metal prepaid card that enablesusers to spend their cryptocurrencies anywhereAsia PacificCrypto.com conducted the MCO Token sale in June2017 and raised USD 26.7m shared between 15.8mtokensIn July 2019, Crypto.com partnered with Visa tolaunch a metal prepaid cardConsumers can instantly change MCO tokens intoSingapore Dollars at the checkout to complete thetransactionCashback on all transactions Chashback rates are higher if consumer holds MCO tokensin his wallet for an agreed period of timeCapital at riskConfidential42
AsiaTop and MatchMove have partnered to launch a loyalty prepaid cardprogramme targeted at merchantsAsia PacificAsiaTop, a fintech in the loyalty space, haspartnered with MatchMove, a provider ofcloud and mobile technologies, to launch aloyalty prepaid card programmeMerchants can issue branded virtual orphysical prepaid for their loyalty rewardprogramme on the cloud Linked to an app Push notifications to consumers withupcoming promotions No system integration required No staff training required Offline and online loyalty rewards all inone systemConsumers can check their loyalty pointson the app, and use them instantly throughtheir prepaid card at the merchant 100 points SGD 1Confidential43
Singapore-based fintech Grab has partnered with Mastercard to launch a GPRprepaid card targeted at the 400m unbanked consumers across Southeast AsiaAsia PacificConsumers will be able to apply for the the prepaidcard directly from the Grab appThe prepaid card can be either physical or virtual and islinked to Grab’s e-wallet GrabPay The physical card will be enabled with NFC and EMVchip technologyGrab offers a wide range ofservices through its platform:Consumers can top up the card via bank transfer, cardpayment or by handing physical cash over to Grabagents such as drivers or merchants that are on theGrabPay platformConfidential44
Asia PacificRegulation – Singapore & Hong KongThe Hong Kong Monetary Authority launchedthe Stored Value Facilities (SVFs) licenses in2016.The SVFs are facilities to store the value of anamount of money which can be used to makepayments.The introduction of SVFs licensees hasboosted the prepaid card market in HongKong. As of May 2019, there were 15 non-bankSVF licensees operating in Hong-Kong.ConfidentialMAS defines Stored Value Facilities (SVF) as ‘aform of prepaid electronic cash or card thatcan be used for payments’SVFs are regulated under the PaymentSystems Act.SVFs do not require PIN or signature to beused.SVFs providers are fully liable for the storedvalue and must refund the consumer ifrequested.45
Thank YouPeter SideniusEdgar, Dunn & Company3 St Helen’s PlaceLondonEC3A 6ABTel 44 207 283 1114peter.sidenius@edgardunn.com 2018 Edgar, Dunn & Company46
The total number of prepaid cards in issue has decreased by 20%, from 154.2m (2013) to 123.4m (2018) - a decrease of 30.9m prepaid cards The decrease in the number of prepaid cards has been driven by France due to the discontinuation of the prepaid card brand Moneo in 2015 as well as regulatory changes in
I. Background: Prepaid Cards and Unemployment Compensation 4 A. What is a Prepaid Card? 4 B. Why Are States Paying UC On Prepaid Cards? 4 C. Advantages of Prepaid Cards for Consumers 5 II. Legal Protections for UC on Prepaid Cards 5 III. Important Features of a Fair UC Prepaid Card 6 IV. How the Cards Stack Up 7
3 Consumer understanding of prepaid cards. User understanding of prepaid cards. Perceived benefits. Awareness. Comparison of payment options. Market take up G Types of Prepaid Cards 1.Gift cards 2.Payroll cards 3.Travel (FX) cards 4.Teen (youth) cards. 5.Underserved market. 6.Government/Benefit cards. 7.Per diem 8.Insurance cards 9.Incentive cards
Usage Terms 5 6 ・Account term varies with number of Prepaid Cards registered. ・Usage period starts the day after user or Prepaid Card registration. ・Register multiple Prepaid Cards to extend usage period to up to 360 days. Account is active for 60 days after Prepaid Card registration 3,000 or 5,000 Prepaid Cards 60 days Phone number remains valid and calls can be received only.
Overview of payment cards Overview of prepaid debit process flow Mobile technology and impact on money remittance Prepaid cards and Law Enforcement. 3 What is Prepaid Today? Prepaid is a virtual account that holds a value balance, maintained in a financial institution whereby funds are
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key focus group findings on prepaid cards The market for prepaid debit cards1 is large and growing fast. in 2009, 28.6 billion was placed onto reloadable prepaid cards in the united states.2 By 2013, that figure is expected to reach 201.9 billion.3 While users without bank accounts may see these cards as a safe repository for their money,
maker are increasingly part of GPR prepaid cardholder terms. When comparing the cost of prepaid cards and checking accounts offered at the same large financial institutions, GPR prepaid cards are often a better value for many consumers. These findings are largely positive for users of
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