Thursday, April 26, 2012

Prepaid Card Use Is On The Rise [Infographic]

For most people the checking and savings accounts that the banking industry provides for us is sufficient. But for a small and ever growing percentage of Americans it doesn't work. For people with a steady income and an ability to maintain a subjective balance, the banking system provides a decent product. For some it just doesn't work. Enter prepaid cards.

Prepaid cards allow the unbanked to have a way to participate in the banking systems requirement for plastic cards. It also allows people to have an amount of money saved that is easy to access through ATM's. While there are still banks that provide a free checking accounts, if you follow their rules, the prepaid card user enjoys no such thing. The unbanked is subject to a slew of fees, which are mostly excessive.

The infographic below demonstrates the statistics of a growing use of prepaid cards.





Infographic courtesy of  caxtonfx.com



1 comment:

  1. I am not exactly sure how the banks manage to get income from these prepaid cards because the way I see it, consumer purchase it for x amount and spends the same x amount on it. No surcharges, no interest, no tax whatsoever.

    ReplyDelete

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