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Data for today’s episode is provided by Mercator Advisory Group’s Report: 2021 North American PaymentsInsights: U.S. COVID-19 Update and GPR Prepaid Cards Update
Major Sources of Funding Used to Deposit Funds onto General Purpose Prepaid Cards:
- 13% of consumers received a general-purpose prepaid card that was funded by an employer putting their earnings on a payroll card and giving it to them.
- 12% of consumers received a general-purpose prepaid card that was funded by an employer putting earnings onto a card the consumer had purchased.
- 10% of consumers received a general-purpose reloadable prepaid card that had their bonus/sales commission on it.
- 8% of consumers received a general-purpose prepaid card with their Social Security payments on it.
- 8% of consumers received a general-purpose prepaid card with funds transferred to them by a friend or family member.
- 6% of consumers received a general-purpose prepaid card when they returned an item they had purchased.
About Report
Mercator Advisory Group’s most recent report, 2021 North American PaymentsInsights: U.S. COVID-19 Update and GPR Prepaid Cards Update, summarizes the effects of COVID-19 on the payments industry: how the market reacted to the pandemic, what impact it had on the payments industry, and its effect on credit card payments. In addition to providing insights into the state of the payments industry during the pandemic, the report also showcases data on general-purpose reloadable (GPR) cards: what consumers think about prepaid cards and which incentives make consumers more inclined towards certain types of these cards.
The report is based on the North American PaymentsInsights survey administered between August 27 and September 14, 2021, across a representative sample of 3000 consumers ages 18 years or older in the U.S. and 1000 consumers ages 18 years or older in Canada.
“Through the survey data, we have seen some interesting influences of COVID on the increased consumer use of online and mobile banking in comparison to the use of ATMs.” stated Pragya Khanal, an analyst working on the report.
