Fair Investment Company announced today that growth is expected for the Prepaid Industry. As reported in this article, their estimate is that the number of consumers in this industry will increase from 2.3 million to 7 million in the next two years. This amounts to approximately a tripling in the number of users. Fair Investment Company believes that the reason for the boom is the fear that individuals have in the current economy. Since there is no way to incur debt with a prepaid card, many feel safer using them instead of credit cards. Another notable point made by Phil Alcock, credit card expert for the firm, is that
"Parents looking for a way to educate their children to be responsible with their money find that prepaid cards provide an excellent teaching method because they give the child the chance to be independent and even purchase goods online, but there is a strict budget in place."
Whatever the reasons may be, the prepaid industry will not be experiencing the same recession that other industries may be facing.
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1 comment:
This is a very exciting time for prepaid. It's a chance to provide consumers a solution during hard times. It also gives those of us in this space a chance to develop products that will rival traditional banking services.
Randy San Nicolas
www.prepaidenterprise.com
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