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Americans are increasingly turning to prepaid cards, and one of the benefits is that they help control spending more closely than credit or debit cards.
CardHub.com’s 2015 study on prepaid cards said many people are turning to these options as an alternative to traditional checking accounts. As of 2012, roughly 12 million Americans used a prepaid card at least once a month and collectively loaded $65 billion to them, an amount which is double that of the number loaded in 2012. That figure is expected to rise to $337.8 billion by 2017, an increase of 420 percent, according to Mercator Advisory Group.
While open-loop prepaid cards were originally considered a tool primarily for unbanked and underbanked people, consumers at all socio-economic levels have found uses for them. Budgeting, security when shopping online, and receiving tax refunds are all uses that have extended across demographics.
Overview by Ben Jackson, Director, Prepaid Advisory Service at Mercator Advisory Group
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