Celebrities and card companies aim to encash prepaid cards, worth over $113 Billion in market size

The amount of money loaded onto prepaid cards more than doubled, rising to over $113 Bn from $57 Bn in 2009, according to Mercator Advisory Group. With increasing competition, the star power of celebrities such as Suze Orman and Justin Bieber has become key for companies to get their prepaid cards in the media.

Prepaid cards allow cardholders to deposit money into an account and to draw on those funds for purchases or cash withdrawals. They’re mainly used by consumers who would rather avoid going into debt with a credit card. Prepaid cards are also used by teens (or gi ...

To continue reading, sign up for MEDICI Inner Circle and get free access for 30 days.
100,000+ FinTech professionals trust MEDICI Inner Circle to stay up to date on the latest in financial services.