With the desire to save more and spend less, U.S. consumer behavior has changed – paving the way for prepaid. Factors contributing to this change include the economic, regulatory, and governmental environment. The recession has decreased the overall available credit, banking regulations have increased, and federal programs are looking for cost saving initiatives. As a result, prepaid has become a more appropriate payment form for non-traditional markets, seeing an increase in usage by 53% since 2009. ¹
To accommodate the expansion into new markets, including college students and millenials, 55+ age group, restaurant employees, and the gaming industry, programs need to be convenient, relevant and integrated into everyday life and appeal to a wide range of consumers. At Discover, we recognize these changes, and alongside our partners, we continue to enable prepaid programs beyond the typical unbanked and under-banked population. We are finding new and different ways to stand out in the ever-changing prepaid card industry and are continuously expanding the boundaries to bring new functionality to unexpected markets.
To find out more about the Discover prepaid programs and how we are engaging new markets and delivering unique functionality, click here.
