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03/06/2011 -
According to a recent survey from Firstsource Solutions, the prepaid card market is expected to grow significantly over the next few years.The study, conducted at the Card Forum and Expo in Miami, found that 50 percent of the industry professionals surveyed predicted that pre paid cards would be more widely adopted in the near future and nearly 30 percent said that they expected more consumers to deposit more money into prepaid accounts.
"We’re seeing a growing interest in prepaid cards in consumer segments that weren’t originally drawn to using such a form of payment," said Tim Smith, Firstsource's senior vice president, of banking financial services and insurance. "Our findings support recent research about the upward trend in the prepaid market, which shows that an estimated $37 billion was loaded onto prepaid cards last year, compared to $18 billion in 2009 and $9 billion in 2008."
There are other signs that the prepaid card indsutry is poised for growth. A study by Aite Group revealed that the number of workers receiving prepaid payroll cards is expected to double by 2014.
