Thursday, June 7, 2012
Bank, CU customers turn to GPR cards
A survey of over 1,500 bank and credit union customers in the United States concluded that general purpose reloadable (GPR) prepaid cards are emerging as "lifestyle" financial tools. Research firm Market Rates Insight Inc. said 47 percent of survey respondents were likely to use GPR cards if they were offered by financial institutions – an indication that GPR cards are entering the financial mainstream, even among consumers who have bank accounts and use debit cards.
The survey entitled Integrated Study on Service Fees also showed higher income earners, as well as older consumers, are likely to use GPR cards. Of respondents that make between $35,000 and $65,000 per year, 36.7 percent said they would use GPR cards. That figure drops for higher wage earners: 22.1 percent for people who earn $66,000 and $100,000 per year and 14.8 percent for the $100,000 per year earners. Additionally, 42.3 percent of survey respondents aged between 47 and 66 years said they would use GPR cards.
"Our research shows that, contrary to common belief, prepaid cards are likely to be used by consumers at higher than average income level[s]," said Dan Geller, Ph.D. Executive Vice President at MRI.
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