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

Author

Listed:
  • Jennifer Romich
  • Sarah Gordon
  • Eric Waithaka

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.

Suggested Citation

  • Jennifer Romich & Sarah Gordon & Eric Waithaka, 2009. "A Tool for Getting By or Getting Ahead? Consumers’ Views on Prepaid Cards," NFI Working Papers 2009-WP-09, Indiana State University, Scott College of Business, Networks Financial Institute.
    • Handle: RePEc:nfi:nfiwps:2009-wp-09
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    File URL: http://www.indstate.edu/business/sites/business.indstate.edu/files/Docs/2009-WP-09_Romich_Waithaka_Gordon.pdf
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    More about this item

    Keywords

    financial services; prepaid cards; household budgets; unbanked and underbanked consumers;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • G29 - Financial Economics - - Financial Institutions and Services - - - Other

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