– 58% of consumers won’t hold a general purpose reloadable card 5 months
– 35% claim to have kept a card 6 months or longer
– Per usual, lowest-income earners (24%) are most likely to hold for over a year
“Its data relatively consistent with prior year’s levels – and points out that penetration of the core users of general purpose prepaid cards hasn’t changed over the past few years. Prepaid card managers need to improve the reloading experience on these cards to extend retention rates.
BONUS DATA: One interesting demographic – households earning over $75,000 constitute 14% of general purpose reloadable card users. So the narrative that ‘general purpose reloadable cards are predominantly for the lowest income earners’ is not altogether true in practice.”
Data for this episode of Truth In Data provided by Mercator Advisory Group’s report – Consumers and Prepaid: Shifting Toward Digital