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15/02/2010 -
The recession may be fostering a wariness of revolving credit in younger generations, causing a spike in the prepaid card market, payment processing blog GetDebit.com reported.The article cited recent reports showing that credit card use is slowing, as consumers - including teenagers and 20-somethings - look to maintain greater control over their finances.
"The evolution from free-falling credit and cash spending to selective and controlled consumer behavior may be the secret driving force behind wallets stuffed with prepaid cards," said the article. "As retailers adapt and offer more ways for consumers to secure prepaid store credit -online, mobile or with traditional store cards - a new segment is pushing through."
Experts say that the same trend is likely responsible for the increase in debit card use, because debit cards do not rely on credit and therefore do not leave users vulnerable to the same debt risks as credit cards.
A recent Nilson Report, for example, found that debit cards have surpassed credit cards in usage for the first time ever, while VeriFone Director Scott Henry recently told payment processing magazine the Green Sheet that debit card processing tends to be more secure than credit card processing thanks to the required PIN instead of a signature.
