STUDY: Demand for prepaid cards grows among unbanked Latin Americans

STUDY: Demand for prepaid cards grows among unbanked Latin Americans
Tags: Bank / Credit Union, Bank Automation, Debit / Credit, Latin America, Multifunction ATMs, North America, Prepaid / Stored Value / Gift Card, Retail / Off-Premises, Transaction Processing, Underbanked / Unbanked
June 16, 2008

ePaynews.com: By 2015, 324 million unbanked Latin Americans could have general-purpose prepaid cards, according to a study by NovoPayment. The Miami-based firm develops prepaid card programs for the unbanked in Latin America. NovoPayment says that by 2015, annual prepaid-card spending by unbanked Latin Americans could reach U.S. $214 billion a year. Prepaid cards will bring access to point-of-sale, ATM, mobile and online transactions to consumers who rely almost exclusively on cash, NovoPayment says.