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18/03/2010 -
The target audience for the prepaid card market is the unbanked, those that are unable to - or choose not to - use formal banks and therefore cannot access debit or credit cards.According to a recent report from the McKinsey Quarterly, this demographic may be larger than many realize - the study found that 2.5 billion of the world's adults are considered unbanked.
As a result, the current market for prepaid cards and prepaid payment processing services is huge.
"With the right financial education and support to make good choices, lower-income consumers will benefit from credit, savings, insurance, and payments products that help them invest in economic opportunities, better manage their money, reduce risks, and plan for the future," said the report.
A recent report from research and consultancy firm Chadwick Martin Bailey echoed this sentiment, reporting that the prepaid payment processing segment has already experienced significant growth and is poised to continue growing.
As a result, merchants worldwide are advised to invest in POS terminals that are capable of processing prepaid cards, to ensure they do not miss out on this large demographic.
