Prepaid Cards A Valuable Tool For US Teenagers. Pago Electrónico :: e-Payment

Prepaid Cards A Valuable Tool For US Teenagers


Fecha Jueves, agosto 26 @ 08:10:27
Tema Pago Electrónico :: e-Payment

Over half of all US teenagers (54 per cent) would use a prepaid cash card online, according to Coinstar’s second annual teen poll, which found just 7 per cent of teenagers to have access to a credit card for online purchases

Crucially, 41 per cent of teenagers feel restricted in shopping or making purchases, given the lack of payment options, which validates MasterCard’s recent move to offer a prepaid card featuring music star, Usher. MasterCard is also planning a cartoon-branded prepaid card in light that 25 million consumers in the US are aged 13 to 19 years old and teenagers spend USD 175 billion per year.
Sixty-three per cent of teenagers responding to Coinstar’s survey believed their parents would back the use of a prepaid cash card as a flexible budgeting and financial management tool. Almost three-quarters (73 per cent) saw prepaid cards as a flexible spending tool, while 67 per cent see the ability to avoid over-spending as the best asset of a prepaid card. Nearly half (49 per cent) would not be inconvenienced by having to reload a prepaid card, while a further 47 per cent disliked the prospect of reloading. Fifty-one per cent also disliked the idea of tracking cash balances on cards, but 48 per cent had no objections.

Prepaid cards are an attractive market with Visa, MasterCard and American Express making about USD 2.6 billion in prepaid card sales in 2003, a 73 per cent increase on sales in 2002, according to CardWeb. The Nilson Report indicates that up to 17 per cent of balances on all types of prepaid cards to go unused, with issuers’ bottom lines potentially gaining up to USD 34 ‘float’ that remains on a USD 200 card. In this context, the credit card associations and prepaid players are prepared to test the market before finding a successful formula, even if buyers of MasterCard's Usher card risk spending up to 20 per cent of their deposits on maintenance fees.

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