Mobile and digital technology are expanding use cases for reloadable prepaid cards beyond their heritage as a tool primarily for the unbanked consumers. Furthermore, mobile commerce is driving broader acceptance of digital versions of both prepaid and retail gift cards.
Success stories about teen-focused payment cards are relatively few, despite steady improvements in technology to give kids a measure of independence in their spending while parents hold the purse strings via shared apps.
Behavioral data about Hispanics’ use of digital payments is scarce, but the sector as a whole spends more than $1.4 trillion annually and its population growth rate significantly outpaces the mainstream, based on U.S. Census Bureau data.
It's an important pivot point for the industry — consumer trust is threatened by a steady flow of data breaches, and consumers are divided on whether they want to stick with plastic or move on to mobile and wearable payments.
Across the globe, many different populations have distinct reasons for being unbanked. To reach these audiences, mainstream financial companies are discovering approaches that wouldn't be possible in the U.S.