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

Jennifer Romich, Sarah Gordon and Eric Waithaka

No 2009-WP-09, NFI Working Papers from Indiana State University, Scott College of Business, Networks Financial Institute

Abstract: This paper summarizes lessons from interviews of 22 consumers who use prepaid cards (PPCs), an emerging product in the market space between institution-based transaction accounts and non-account services like check-cashing and money orders. 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.

Keywords: financial services; prepaid cards; household budgets; unbanked and underbanked consumers (search for similar items in EconPapers)
JEL-codes: D14 G29 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2009-10
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