Our Economy Keynote: The Economy & Prepaid: The Big Picture of the World’s Economy and What it Holds for our Industry was presented by Wayne Best, Chief Economist at VISA.
Takeaways:
Factors for Growth in Prepaid:
Back from the brink
Instability of Euro, Future*
US GDP Growth
Luxury segment growth: Visa Consumers
Labor: Salary wage growth down although employment is up
Housing: No good news
Gas prices: continue to rise at accelerated rate
*4 scenarios for future of euro: Fiscal targets met, Greek austerity collapses, Germany exits, all Euro countries exit
Supply Side:
Government programs
Employers
Healthcare Programs
Demand Side:
Budget Consciousness
Payroll card recipients
Underbanked/unbanked consumers
Largest segments in 2011 were:
Bill payment
Healthcare
Low hanging fruit is gone but opportunities still exist, we will just have to look harder, in more areas, more income groups, more merchant segments.
Valerie M. Russo is a Senior Social Media Strategist at IIR USA with a technology, anthropology, marketing and publishing business acumen. She will be attending Prepaid Expo USA 2012 and covering the event live via Twitter and the Prepaid Expo Blog. She is a published poet and also maintains a literary blog. She may be reached atvrusso@iirusa.com. Follow her @Literanista.
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