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06/11/2009 -
The payment processing industry may soon see a surge in prepaid cards, as the number of unbanked adults across the world is higher than many realize, said a recent report.The study, conducted by the Financial Access Initiative, found that 2.5 billion adults worldwide do not have a savings or credit account with either a traditional bank or alternative financial institute - representing half the world's adult population.
The FAI reported that the study marks the most accurate assessment of the global unbanked situation to date.
"These findings are a real step ahead, and they show how better data can help policymakers truly target and serve poor populations with appropriate financial services," said Jonathan Morduch, professor of economics and policy at New York University and managing director of the FAI.
Among the financial services typically targeted at unbanked adults are prepaid cards, so people can get the benefits of electronic payment processing options without the need for a savings or checking account.
This large number of unbanked adults has driven prepaid card popularity in the payment processing industry - Mercator Advisory Group recently reported that total load volume for prepaid credit cards will reach US$362.3 billion by 2011.
