Expanding prepaid card market

Data by the Mercator Advisory Group shows that the sum spent on prepaid cards tripled in the 2008-2012 period and reached USD 76.7 billion. The consulting firm’s forecast is that a 120-percent growth will occur by 2015 so the sum may reach USD 168.4 billion. In Hungary prepaid debit cards first appeared in 2002 and have been used mainly at major music festivals or by companies as gift cards. The main idea behind prepaid card is that users get a debit card which can be used for many types of transactions without having to open a bank account or sign a contract. They are safe and simple to use anywhere in the world. Prepaid cards also help owners regulate their spending because they know that they can only spend the sum on the card. Typically these cards are valid for 2-3 years and can be reloaded many times.