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Prepaid cards 'to grow in popularity'
8 Jun 2011

Those with an interest in contactless payment strategies have been told of the expected growth in the prepaid card market in the years to come.

According to a study conducted by Firstsource Solutions, 50 per cent has set a short-term gap for which they expect prepaid cards to be widely adopted.

Furthermore, around 30 per cent of individuals have said of their belief that more customers will deposit even more cash into these sorts of accounts in the years ahead.

Tim Smith, senior vice president of banking financial services and insurance at Firstsource, pointed out that such results show a "growing interest" in prepaid cards by markets that did not show much interest in this area previously.

He added: "Our findings support recent research about the upward trend in the prepaid market, which shows that an estimated $37 billion (£22.5 billion) was loaded onto prepaid cards last year, compared to $18 billion in 2009 and $9 billion in 2008."

Meanwhile, a TNS study has suggested increased uptake of financial transactions being carried out by Brits over their mobile phones.