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03/09/2009 -
With all the attention given to credit cards and debit cards, prepaid cards often get overlooked in the payment processing industry.However, prepaid cards represent an important market segment, one that continues to grow in popularity even despite the recession.
According to a report from Mercator Advisory Group released this week, the total load for all 33 segments of the prepaid card industry increased by 12.4 percent - or $27.8 billion - from 2007 to 2008, representing an increase from $220.27 billion to $247.7 billion.
"Mercator Advisory Group believes the prepaid industry will continue to show growth in 2009," said Tim Sloane, vice president of client services and director of Mercator's prepaid advisory service. "It is clear to Mercator that no other payments market is riding out the current economic downturn as effectively as prepaid."
Gift cards also emerged as a popular payment card option, with the open loop gift card segment growing by 54.3 percent in 2008, Mercator reported.
This report highlights the fact that, while accepting credit and debit cards is still crucial for businesses, accepting prepaid and gift cards still represent an important source of cash flow and should not be overlooked.
