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10/03/2010 -
Despite the recession - or perhaps because of it - branded prepaid cards continue to grow in market share in the U.S., according to a recent report.In what is likely a reflection of a trend in the North American payment processing industry in general, research firm Aite Group found that the total value of branded prepaid cards will grow from US$54 billion in 2009 to US$69 billion in 2010.
"The branded prepaid market is young, but has managed to grow very quickly," said Adil Moussa, Aite Group analyst and author of the report.
The report also found that payroll cards saw the largest share of the prepaid market in 2009, representing a third of total loaded volume, or US$17.6 billion. GPR cards came in second place with 28 percent of market share and US$14.9 billion loaded, followed by gift cards at 12 percent and US$6.3 million.
Businesses that do not offer prepaid card processing as part of their merchant services may want to consider pursuing it, as the prepaid market is expected to continue growing. The tough economy has prompted many consumers to look for ways to maintain stricter control over their finances - the growing popularity of prepaid and debit cards is a testament to this new consumer mindset, experts say.
