Episode 10: Survey Says that Prepaid Has Room to Grow, But Needs Work

In this episode, the NBPCA examines “The 2016 and 2017 Surveys of Consumer Payment Choice: Summary Results” and considers the results from the perspective of cardholders. We also think about how prepaid providers can improve their business to increase cardholder confidence and thus portfolio profitability.

The survey found that “of all the payment instruments that consumers owned, prepaid cards were used the least frequently.”

The reasons for the low be hinted at by the attitudinal questions the survey asked.

The survey asked users to assess the different payments types on:

• Acceptance
• Acquisition and Set UP
• Convenience
• Cost
• Payment Records
• Security

Respondents rated these aspects on a 1 to 8 scale, with 1 being the best and 8 being the worst.

Prepaid cards did not score a 1 in any of the categories, which means that the industry has some work to do. In this episode, NBPCA relates the experience of another prepaid card user to show where some of the troubles might come from and try to suggest some ways prepaid card providers can stack up favorably against other payment types.

Thank you for listening. Please give us a like and a review on your favorite podcast app and share this show with your friends and colleagues who may be interested. It you have any questions about this or any other topics related to the prepaid industry, contact me at bjackson@nbpca.org.

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