SHERBORN, Mass. — A survey sponsored by a prepaid card association has found that the cards are extremely popular among underbanked and unbanked consumers.
A market research firm conducted the survey in mid-May on behalf of the Network Branded Prepaid Card Association. The survey took responses from 600 online interviews with consumers who have household incomes of less than $50,000, the association said. This group of consumers has a higher likelihood to be paid in cash; use the services of a check casher; and/or pay bills using cash, money orders, or the check of a friend or family member, the association said.
"Consumers who deal mainly in cash recognize how reloadable prepaid cards can dramatically improve their lives by replacing the makeshift arrangements they currently use to pay for purchases and manage their finances," said Marilyn Bochicchio, NBPCA president and executive director.
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