U.S. Alternative Financial Services Market: Long-Term Success in the GPR and Payroll Markets
Report Summary
U.S. Alternative Financial Services Market: Long-Term Success in the GPR and Payroll Markets
While the U.S. prepaid market for GPR and payroll cards remains robust, rapid evolution suggests a very different marketplace in five years’ time.
Boston, September 27, 2011 – A new report from Aite Group provides prepaid-industry-stakeholder views on the state of the U.S. prepaid market for general-purpose reloadable (GPR) and payroll cards. Based on a June 2011 Aite Group survey of 20 industry executives attending the Underbanked Financial Services Forum in New Orleans, the report discusses delivery channels that will be important in five years, and reveals stakeholder opinions of industry peers.
The state of the U.S. prepaid market for GPR and payroll cards is shifting. New industry needs are emerging as a result of regulation and market competition. The potential for market growth remains strong.
“The prepaid GPR and payroll card markets have remained robust and continue to grow despite adverse regulatory pressure,” says Madeline K. Aufseeser, senior analyst with Aite Group and author of this report. “Firms should note that product innovation is no longer the key ingredient for success. The ability to diversify into multiple distribution channels will be a key factor for long-term profitability, and usage and retention efforts will surface as components of success.”
The following prepaid card market participants are referenced in this report: ACE Cash Express, Achieve Card, AccountNow, ADP, Amazon, American Express, Apple, AT&T, The Bancorp, Bank of America, BB&T, BillFloat, Blackhawk, Cardlytics, Citi, Comdata, Comerica, Cornerstone, Discover, El Banco, Experian, Facebook, First Data Money Network, FIS, Fiserv, FlexWage, FSV, Global Cash, Green Dot, Galileo, Google, H&R Block, InComm, Insight, Intuit, Isis, JPMorgan Chase, Kabbage, L2C, Mango, Meta, NetSpend, NexisCard, PayPal, PayPartners, Plastyc, PreCash, Prepaid Solutions, Public Savings Bank, Rapid Financial, Ready Financial, Sprint, T-Mobile, Think Finance, Unirush Financial, U.S. Bank, USAA, Verizon, Walmart, Wells Fargo, and Western Union.
This 31-page Impact Note contains 20 figures. Clients of Aite Group's Retail Banking service can download the report .