Innovators in Prepaid Cards to Improve Financial Health

Prepaid cards are transforming the way consumers engage with the financial services industry. Over the past decade, millions of American households have turned to prepaid cards to spend, save, and manage their money. In response, prepaid card issuers have adopted numerous strategies to meet the diverse needs of consumers. Today, prepaid cards vary immensely across the industry.

Called prepaid debit or general purpose reloadable (GPR) cards, prepaid cards represent an important opportunity for underserved consumers by filling a longstanding need for those operating between traditional checking or savings accounts and the cash economy. From the beginning, CFSI has been following the growth of the prepaid card market, researching and compiling reports on the industry, evaluating the cards, and establishing guidelines for improving the quality of prepaid products. As new providers enter the market, CFSI continues to work with industry leaders to shape the quality of prepaid product offerings.

Additionally, we have created tools for improving the quality of prepaid products by establishing guidelines for their design and delivery in our Compass Guide to Prepaid.

Prepaid Cards

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