Is This the UK General Purpose Reloadable (GPR) Prepaid Debit Card Inflection Point?

23. January 2018.

In the U.S. some of the key influencers on the growth of GPR prepaid debit cards was the significant cost reductions achieved by federal, state and local governments in no longer issuing and mailing checks to their recurring to their constituents for recurring payments, e.g., payroll or government benefits (unemployment, social security or nutritional assistance to name a few).

Following successful implementation of prepaid card schemes such as the recent example in Edinburgh, more and more local authorities and housing associations are increasingly switching to similar incentives to fulfil their social care obligations.

Once government agencies adopted GPR cards, along with FDIC insurance of the funds; the U.S. GPR card market exploded to fulfill a niche previously unfulfilled through traditional banking but being fulfilled by alternative financial services like check cashiers. This will be one to watch!

Overview by Sue Brown, Director, Prepaid Advisory Service at Mercator Advisory Group

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