As the prepaid card market continues to grow, consumers will continue to demand, and benefit from, product innovations that encourage savings. This publication discusses Commonwealth's work with the prepaid industry to identify the opportunities and challenges for creating engaging savings features that meet business and consumer needs.
With the prepaid card market steadily growing, there is an opportunity to take advantage of their popularity to improve saving rates.
A more engaging savings product on prepaid cards could provide a savings vehicle for consumers and increase card usage that would benefit card issuers.
A better savings feature can provide the boost in excitement prepaid cards need to keep them growing.
Financially vulnerable consumers need access to safe and liquid money storage.
Prepaid card issuers are seeking creative new ideas to increase card usage.
Prepaid card usage is increasing, but the savings features have remained the same.