Prepaid industry research shows that today’s prepaid cards have mass market appeal with cardholders who are diverse and educated. According to a study by Aite Group, an independent research and advisory firm, 43 percent of today’s prepaid debit card users are Gen Yers, 30 percent are boomers, one-third earn more than $45,000 a year, and 50 percent have a high school degree or higher. Thirty-four percent of the educated have a college degree or higher.
“As payments and technology continue to converge in the world of universal commerce, First Data is applying our 40 years of industry experience and innovative capabilities to support new and emerging consumer use cases, including contactless payments,” said Mark Putman, senior vice president and division manager of First Data Prepaid Solutions. “This unique one card, two accounts program also offers Chicago transit riders financial service benefits such as online bill payment, accepting pay with direct deposit and engaging in cashless transactions — all useful to those with and without traditional bank relationships.”