Driving positive behavior change through education and motivation: summary of a PayPerks workshop

Susan Herbst-Murphy

No 13-01, Consumer Finance Institute discussion papers from Federal Reserve Bank of Philadelphia

Abstract: Start-up firm PayPerks has developed a financial capability and rewards platform that combines online education with sweepstakes-based incentives. PayPerks? initial emphasis has been on improving the understanding and use of prepaid cards among individuals with little prior experience using payment cards. Participants can earn points in a variety of ways, including taking short, self-directed tutorials on prepaid card use. Every month, those points become chances to win cash prizes in sweepstakes drawings. PayPerks co-founders facilitated a Payment Cards Center workshop where they demonstrated their product and discussed the journey it took from raw idea to commercialization. Two significant new PayPerks partnerships were also announced during this workshop.

Keywords: Financial literacy; Payment systems; Unbanked (search for similar items in EconPapers)
Date: 2013
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