Growth Of Payroll Cards Brings Financial Inclusion For Unbanked Americans
Tuesday, January 14, 2014
For decades, the financially underserved have had to make their payments and access their money the hard way. Now, however, that’s changing with the growing use of payroll cards. Employers are increasingly moving away from issuing paper checks to paying their unbanked workers with prepaid payroll cards. In 2012 alone, more than $34 billion was loaded onto 4.6 million active payroll cards, according to the Aite Group. By 2017, it is expected that $69 billion will be loaded onto 10.8 million cards.