A Tool for Getting By or Getting Ahead? Consumers' Views on Prepaid Cards

File(s)
Date
2010Author
Romich, Jennifer
Waithaka, Eric
Gordon, Sarah
Publisher
Center for Financial Security
Metadata
Show full item recordAbstract
This paper summarizes lessons from interviews of 22 consumers who use general-purpose
reloadable prepaid cards (PPCs), an emerging financial services product that provides transaction
services not linked to a conventional checking or savings accounts. A majority of interviewees used
PPCs as their primary non-cash transaction tool. Prepaid clients appreciate both what the card can
do for them (instrumental features) and the meaning of having an electronic payment card like those
of more advantaged consumers (symbolic features). Prepaid cards are a helpful financial tool, but the
product needs additional elements before it can substantially support customers’ long-term financial
goals.
Subject
Prepaid Cards
Financial Services
Permanent Link
http://digital.library.wisc.edu/1793/90758Type
Working Paper
Description
This paper summarizes lessons from interviews of 22 consumers who use general-purpose reloadable prepaid cards (PPCs), an emerging financial services product that provides transaction services not linked to a conventional checking or savings accounts.
Citation
Romich, J., Waithaka, E., & Gordon, S. (2010). A Tool for Getting By or Getting Ahead? Consumers’ Views on Prepaid Cards. Center for Financial Security .