Latest poll results: How is the current economic climate affecting your firm’s spending on the development of prepaid products and services?

The results are in from our latest poll question: How is the current economic climate affecting your firm’s spending on the development of prepaid products and services (including R&D, sales, marketing, etc)?

- My company is not changing its spending plans for 2009 -- 44.44%
- My company is drastically cutting spending (cuts of more than 40%) activity for 2009 -- 22.22%
- My company is curtailing spending (between 1%-40%) for 2009 -- 22.22%
- My company is increasing spending for 2009 -- 11.11%

Do these results surprise you?

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PreCash of Houston grows 600%

All Pay News reports that with Americans using prepaid Visa and MasterCard prepaid cards to replace traditional credit cards in this time of economic turmoil, PreCash of Houston, a prepaid cards distribution company, has increased grown 600%.

John Chaney, Chairman and CEO of PreCash, Inc. had this to say about the reason behind the growth, "Prepaid debit cards, like our Vision card, help cash-paying consumers access financial services they otherwise wouldn't be able to use. Many consumers use prepaid debit cards to manage finances while still being able to pay bills online; reserve rental cars or airline tickets; pay for gas at the pump and more."

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Gift Card Sales are Expected to Drop During the Holiday Season

This post on the ePaymentsnews Network mentions that because of the current economic situation across the US, consumers will spend less money (about USD 25 billion) on gift cards.

Instead, consumers will spend money on necessities such as gas, dining, and groceries. Restaurants and fast food chains are expected to sell the most gift cards this holiday season. Teenagers and post-college consumers are expected to give gift card purchases a boost since many gift card retailers offer coupons and discounts for the purchaser.

The study information is provided Archstone Consulting.

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