According to a new report released by Aite Group, an independent research and advisory firm, the state of the U.S. prepaid market for general-purpose reloadable and payroll cards is shifting. New industry needs are emerging as a result of regulation and market competition, and the potential for market growth remains strong.
“The prepaid GPR and payroll card markets have remained robust and continue to grow despite adverse regulatory pressure,” said Madeline K. Aufseeser, senior analyst with Aite Group and author of the report. “Firms should note that product innovation is no longer the key ingredient for success. The ability to diversify into multiple distribution channels will be a key factor for long-term profitability, and usage and retention efforts will surface as components of success.”
Prepaid card market participants referenced in the report include Amazon, American Express, Apple, AT&T, Bank of America, BB&T, Citi, Discover, Experian, Facebook, First Data Money Network, Fiserv, Google, JPMorgan Chase, NetSpend, PayPal, Wells Fargo and Western Union, among several others.
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