CONSUMER INSIGHTS ON PREPAID CARDS

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1 CONSUMER INSIGHTS ON PREPAID CARDS GfK

2 Speakers Chris Ruppel, SVP, General Manager of Corporate Payments, UniRush, rapid! PayCard Tim Spenny, Vice President, GFK Jerry Uffner, President and CEO, FirstView, LLC A new consumer omnibus study by GfK Custom Research firm highlights which consumers are using prepaid, for what purposes, and their satisfaction levels. This new research defines consumer usage of prepaid cards and helps to expand the customer base of the ever growing prepaid market, helping financial institutions of all sizes better realize the growth and profitability possible in the market. Learn about the growth possibilities for the prepaid market and how to expand the traditional marketplace and explore unique product offerings that attract cardholders to prepaid. 2 2

3 Key Industry Trends Durbin Amendment Recent Court Ruling Calling For Further Reduction On Debit Interchange Rates Further Growth & Adoption of GPR with Traditional Banks Looking to Offer GPR As Checking Account Alternatives Mobile Smartphone Adoption On Rise (60+%) - Becoming Default Platform for Consumer Banking/Financial Services Carriers (Boost, Cricket), Traditional FIs( Banks, Amex Serve) & GPR Players (GDOT GoBank) Launching Mobile Banking/Wallet Solutions Overcrowding of Retail and Online Acquisition Channels with Multiple GPR Card Options Bundling Of Other Value Added Services and Offers on GPR Next Natural Evolution of GPR Driving Mainstream (Millenials) Usage Higher Customer Acquisition Costs Pricing Pressure Market Moving Towards $0 Cost of Ownership To Cardholders GPR Tied To Mobile Top-Ups, Cash Backs, Reward Points and Loyalty Discounts Tested by Several Players (Netspend, Perk Street, Amex Serve, Walgreens Balance Financial Card) 3 3

4 Industry often views Prepaid according to who is loading the funds to the account Consumers Corporate Public Sector Consumer reloadable Travel Online Campus Remittances Open loop gift Closed loop gift Payroll Incentives & rebates Healthcare & insurance Meal vouchers Business travel Corporate purchasing Public Benefit & Welfare programs Emergency assistance & disaster relief Pension, Social Security Travel & cash management Payroll, incentives 4 4

5 What is Prepaid Open Loop, General Purpose Reloadable (GPR) Network Branded Visa Discover American Express MasterCard Bank Issued Underlying account FDIC Insured CIP Required AML Program Open Loop General Purpose Reloadable Controls Cardholders Identified Transaction Monitoring Deposit and Spend Records Error Resolution Features Reloadable ATM Withdrawals Direct Deposit Bill Pay Account Management Tools 5 5

6 6 6

7 Consumer Prepaid Research 7

8 GfK Prepaid Omnibus Research GfK conducted independent survey of US Households using a representative sample of the US population. Prepaid Omni was fielded: May 30th - June 2, 2014 February 13-17,

9 Consumers Payments How pay for goods and services Any Prepaid Credit Card Checking/Debit Cash Past 3 months Past 12 months Source: APEX Survey; Q1/2: Which of the following payment methods, for any goods or services, have you used in the past 12/3 month? (Select all that apply.) 9

10 Prepaid card users use a range of prepaid options Users of Prepaid Cards (in P12M Nationally) 60% of the population have used any kind of prepaid card in P12M 57% have used two or more kinds of prepaid cards 40% have not used a prepaid card 3% have used only one kind of prepaid card Base: Total Qualified Respondents (n=1,019) Q.1 Which, if any, of the prepaid cards listed below have you used in the past 12 months? Q.2 You indicated that you use more than one of the above prepaid cards, which of the below prepaid cards do you use the most? 10

11 Prepaid card users Gift cards Users of Prepaid Cards (in P12M Nationally) Among all prepaid card users, gift cards are the most widely used 44% have used a gift card 40% have not used a prepaid card 16% have used prepaid cards aside from gift cards Base: Total Qualified Respondents (n=1,019) Q.1 Which, if any, of the prepaid cards listed below have you used in the past 12 months? 11

12 Gift Cards are used by more high income individuals 60 Gift Card Users (by income) < $25k $25k k $50k - $74.9k $75k + Base: Total Card Owners (n=1019) Q.1 Which, if any, of the prepaid cards listed below have you used in the past 12 months? 12

13 Next to gift cards rewards / rebate / prepaid debit most widely used 50 Kinds of Prepaid Cards Used Gift Cards Rewards or Rebate Prepaid Debit Health HAS, FSA Transit/ Toll Govt. Benefit Student Cards Payroll Cards Corp. Disbursement (Insurance or Commission) Base: Total Qualified Respondents (n=1,019) Q.1 Which, if any, of the prepaid cards listed below have you used in the past 12 months? 13

14 Rewards & Rebate Cards are used predominantly by older users and Prepaid Debit Cards are used by lower and higher income Age Profile (rewards & rebate cards) Income (prepaid debit cards) < $25k $25k - $49.9k 0 $50k - $74.9k $75k + Base: Total Qualified Respondents (n=1,019) Q.1 Which, if any, of the prepaid cards listed below have you used in the past 12 months? 14

15 Age and Gender Distribution Our typical customer is female, about 30 years old Females Males Gender_Unknown 100% 80% 60% 40% 20% 0% % 80% 60% 40% 20% 0% Age18_29 Age30_ % of our cardholders are women. Almost 75% of our card members are less that 40 years old 40% less than 30. Typical DD customer has 25k in annual spend 15

16 Satisfaction* with prepaid cards statistically consistent across income brackets Prepaid Card Satisfaction Brackets 0 <$25k $25k - $49.9k $50k - 74,9k $75k + *Top 2 Box (rated extremely or very satisfied) Base: Total Card Users (n=609) Q.6 Overall based on your experience with prepaid cards over the past 12 months, how satisfied are you with the prepaid cards you have used? 16

17 Prepaid card users enjoy convenience, balanced budgets & peace of mind Ease of Use Flexibility Locations Accepted Prepaid Card Benefits Savings Budgeting Personal Safety Financial Security Base: Total Card Owners (n=609) Q.3 Which, if any, of the following benefits do you feel that your prepaid card(s) provide(s)? 17

18 Respondents view prepaid cards as a value versus other options and = to cash / general checking accounts More/Less Value More/Less Value Than Check Cashing Than Checking More/Less Value Than Cash Base: Total Card Owners (n=609) Q.4 We would like you to indicate the relative the value of the prepaid cards you use. Would you say that your prepaid cards is/are better, same or less of a value compared to each of the following listed below. Better Same Worse Refused 18

19 Alternate Banking/Payments for Financial Transactions 13% Self-Banked, 18% of those use Prepaid Consider Self-Banked Self-Banked Using Prepaid Yes Yes No No Base: Total Qualified Respondents (n= 1000) Q.14 Would you consider yourself to be self-banked, i.e. a consumer or small business owner who manages their financial affairs independent of financial institution? Q.15 If so, do you ever use prepaid cards to conduct financial transactions? Base: N=117 19

20 Feature Enrollments by Deciles Direct Deposit Other Features 150% 100% Payroll / Government DD 150% 100% SMS Alerts % Active 50% 0% % % Enrolled 0% % 100% All DD 80% 60% 40% Monthly Statement 50% 20% 0% High correlation between early DD and revenue Majority of the DD enrollees in lower deciles have low longevity(tax) 0%

21 Feature Enrollments by Deciles Feature Usage 30% 20% Bill Pay % Enrolled Active Users Card to Card Transfer 100% Same customer % Enrolled 50% 10% 0% % % online accounts % Enroll 100% Other Customer 70% 50% 20% -30% %

22 Consumer Research - Prepaid Debit Cards 22

23 Prepaid debit cards Where Spend Food & fuel staples are primary prepaid debit card use, shopping online & paying bills secondary Use is predominantly for everyday purchase of essential items (ability to use online an important use) Base: Total Qualified Respondents (n= 100) Base: Used pre-paid debit card in past 12 months Q. 3 What were all of the ways you used a pre-paid debit card in the past 12 months? 23

24 Where do the Customers Spend? Food /Dining, Auto/transportation, utilities make up 50% of the transactions and majority of non-cash dollar volume Transaction Description Annual Transactions per account % Annual Spend per account $ Spend % Amount/Tran saction Food & Dining % $4, % $ 28 Cash Withdrawal % $10, % $137 Auto / Transportation % $1, % $23 Shopping % $2, % $42 Utilities & Monthly Bills % $2, % $101 Health & Fitness % $ % $29 Entertainment % $ % $18 Other % $ % $47 Personal Care 6.4 1% $ % $47 Financial/Legal Services 6.0 1% $ % $165 Home 4.7 1% $ % $106 Travel 4.7 1% $ % $114 Education 0.7 0% $47.4 0% $70 NULL 0.3 0% $6.6 0% $ 23 24

25 Prepaid debit cards Usage No single brand of prepaid card is prevalent in a highly fragmented category 10 0 Base: Total Qualified Respondents (n= 100) Base: Used pre-paid debit card in past 12 months Q.6 Thinking now only of pre-paid cards you have used in the past 12 months, that is a card issued through an independent provider other than typical bank or credit union, 25

26 Prepaid debit cards Benefits Most Important Reasons Used Ease of Use is the primary benefit to users 0 Ease of use vs. other payment methods (cash/ check/credit card) Base: Total Qualified Respondents (n= 100) Base Used pre-paid debit card in past 12 months Q.10 Considering the primary benefits to using a prepaid card(s), please indicate which is the single most important reason? Budgeting not able to spend more than card balance Acceptance able to use cards on & offline most place I want to shop/spend Financial Security prepaid cards not tied to personal financial info Independence allows me to manage my finances Accessibility didn t qualify for traditional banking options Refused 26

27 Prepaid debit cards Issues Biggest Issues & Concerns Acceptance, fees & activation problems pose biggest issues to users Store/provider wouldn t accept Excessive Fees Card not activated Lost card Balance was incorrect Expired card Base: Total Qualified Respondents (n= 100) Base: Used pre-paid debit card in past 12 months Q.9 Have you had any of the following issues with your prepaid card? 27

28 QUESTIONS??? 28

29 Membership: The NBPCA Offers Considerable and Unique Value to YOUR Organization.. Working Groups: Structured, monthly and urgent timing meetings, reports: Government Relations, Media/PR/Research, Financial Crimes Task Force Action Groups: Meet as needed to address narrower urgent opportunities or challenges. Examples: Payroll, Underserved, Student, etc Best Practices and Tips Primary research, independent or partnering with influential 3 rd parties Bi-Weekly Regulatory and Legislative Updates NBPCA s Annual Power of Prepaid Join those with the most influence over Prepaid: industry, government, 3rd parties, media June 10-12th, 2015 at the Marriott Wardman Park Hotel in Washington, D.C. Register at Sponsorship to spotlight your brand at events, in working groups, on website, and more Visit us at NBPCA at Questions to 29

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