– In one year, awareness of these websites declined 9%
– Less than half of consumers know they exist
– Even worse, only 14% of consumers have used one – down from 20% last year
In 2016, 57% of all consumers reported being aware that these gift card exchange websites existed and 20% of consumers had used one
In 2017, 48% of consumers reported awareness and 14% of consumers had transacted on a gift card marketplace
Interestingly, a whopping 82% of consumers who have been turned down for a bank account in the last year were aware of prepaid gift card marketplaces and 65% had used one. Prepaid is a popular channel for the underbanked, and leveraging these marketplaces is likely a function of managing available funds.
