The distinctions between prepaid cards and traditional debit accounts are becoming increasingly difficult to define as both products continue to evolve and add similar features. Research from Mercator Advisory Group explores how general purpose reloadable prepaid cards and entry-level checking accounts now offer many of the same capabilities, including direct deposit, mobile banking access, bill payment, and debit functionality. As financial institutions and prepaid providers compete for the same consumers, the lines between debit and prepaid products are continuing to blur across the broader payments landscape.
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Data for this episode of Truth In Data was provided by Mercator Advisory Group’s report – The Blurred Lines Between Debit and Prepaid Cards
About this report
General purpose reloadable (GPR) prepaid cards and entry-level checking accounts have both evolved to a point where product features and functionality of the two are nearly indistinguishable between the two. A new research report from Mercator Advisory Group titled, The Blurred Lines Between Debit and Prepaid Cards considers the differences between the two products and why providers and users might favor one over the other.
