According to the findings from GfK’s omnibus survey, users from different age and income groups are satisfied with their prepaid card experience. Although user segments at times cite different benefits as most important to them, “ease of use” is the overall top reason for liking prepaid cards. Nearly two-thirds of respondents in the GfK survey say that using prepaid cards is the same as or better than using a checking account or cash.
The survey shows that:
60% of the US population has used a prepaid card, and 57% have used two or more
Satisfaction with the cards is at roughly 70% across all income groups measured
“Ease of use” is by far the most-valued benefit of prepaid cards, cited by 69% of card users
Higher-income card users (earning $75,000 or more yearly) are most likely (74%) to cite “ease of use” as a key benefit, while those earning $25,000 or less are most likely (36%) to mention “flexibility”
Consumers with annual incomes greater than $75,000 have adopted prepaid cards at similar levels to lower income and traditionally underserved groups
The GfK Prepaid Card Omnibus Study was fielded using GfK’s KnowledgePanel® during the weekend of May 30th 2014 via the internet. The sample included 1,000 respondents ages 18 and older; 606 had used a prepaid card during the past 12 months and completed the full survey.
KnowledgePanel® is a probability-selected internet panel (recruited initially through mail addresses) that is truly representative of U.S. population. It captures cell phone-only households, as well as the 25% of the US population that does not have Internet access by providing those panelists with a laptop and ISP.
To build on past research and fill the need for more research that captures the demographics of US-based prepaid card users, GFK asked the Network Branded Prepaid Card Association (NBPCA) to provide guidance in crafting the survey’s questions to help ensure the accuracy of responses.
GfK is the trusted source of relevant market and consumer information that enables its clients to make smarter decisions. More than 13,000 market research experts combine their passion with GfK’s 80 years of data science experience. This allows GfK to deliver vital global insights matched with local market intelligence from more than 100 countries. By using innovative technologies and data sciences, GfK turns big data into smart data, enabling its clients to improve their competitive edge and enrich consumers’ experiences and choices.
David Stanton, 908-875-9844
Vice President, GfK Marketing and Communications, Consumer Experiences North America