Prepaid Credit Card Online Application and Comparison

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Prepaid Card in the United States
In 2009, there are 6 billion prepaid card(which include private label, general purpose, and EBT cards) transactions, an increase of 2.7 billion transactions or 21.5% per year from 2006 to 2009, compares to 3.3 billion transactions in 2006. The 6 billion prepaid card transactions accounted for 5.5% of the total 109 billion noncash payment transactions in the US in 2009, compares to 3.47% of the total 95.2 billion noncash payment transactions in 2006.

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Fastest growth noncash payments instrument

The total 6 billion prepaid card transactions for 2009 generated USD$140 billions in value, an increase of USD$60 billion transactions or 22.9% per year from 2006 to 2009, compares to USD$80 billion in 2006. However, the value generated is only accounted for 0.19% of the total USD$72.2 trillion noncash payment transactions in the US in 2009. The average value per transaction increase marginally from USD$23 in 2006 to USD$24 in 2009(1.1% increase per year from 2006 to 2009).
Even though prepaid cards is the least used(accounted for 5.5% of noncash payments transactions), it is the fastest growing noncash payments instrument with 21.5% increased per year from 2006 to 2009. During the financial crisis, many credit card accounts are closed and issuance of new credit cards is limited. This has directly spurs the growth of prepaid cards. Growing numbers of consumer in the US have chosen prepaid card as an alternative to credit card. Prepaid cards allow the Americans to enjoy the convenience of cashless transaction using plastic card, and avoiding the possibility of credit card debt.

General purpose prepaid card

General purpose prepaid instruments are network branded by either credit card or PIN networks (e.g., payroll or prepaid banking cards). In 2009, there are 1.3 billion general purpose prepaid card transactions, an increase of 1 billion transactions or 63.4% per year from 2006 to 2009, compares to 0.3 billion transactions in 2006. The 1.3 billion general purpose prepaid card transactions accounted for 21.67% of the total 6 billion prepaid card transactions in the US in 2009, compares to 9.09% of the total 3.3 billion prepaid card transactions in 2006.
The total 1.3 billion general purpose prepaid card transactions for 2009 generated USD$40 billions in value, an increase of USD$30 billion transactions or 48.8% per year from 2006 to 2009, compares to USD$10 billion in 2006. However, the average value per general purpose prepaid card transaction decrease from USD$41 in 2006 to USD$33 in 2009(7.2% decrease per year from 2006 to 2009).
General purpose prepaid card has the fastest growth rates in transactional number as well as value.
Notes: Figures may not add due to rounding.

Private label prepaid card

Private label prepaid cards are those which are limited in usage to one or several merchants (e.g., gift cards). Private label prepaid is the most used type of prepaid card in 2009 with 2.7 billion transactions, an increase of 0.8 billion transactions or 11.8% per year from 2006 to 2009, compares to 1.9 billion transactions in 2006. The 2.7 billion private label prepaid card transactions accounted for 45% of the total 6 billion prepaid card transactions in the US in 2009, compares to 57.58% of the total 3.3 billion prepaid card transactions in 2006.
The total 2.7 billion private label prepaid card transactions for 2009 generated USD$40 billions in value, an increase of USD$10 billion transactions or 9.5% per year from 2006 to 2009, compares to USD$30 billion in 2006. However, the average value per private label prepaid card transaction decrease from USD$18 in 2006 to USD$17 in 2009(2.0% decrease per year from 2006 to 2009).
Private label prepaid card has the lowest growth rates in transactional number as well as value.
Notes: Figures may not add due to rounding.

Electronic benefits transfer(EBT) card

EBT is an electronic system in the United States that allows state governments to provide financial and material benefits via a plastic debit card. In 2009, there are 2.0 billion EBT card transactions, an increase of 0.9 billion transactions or 21.4% per year from 2006 to 2009, compares to 1.1 billion transactions in 2006. The 2.0 billion EBT card transactions accounted for 33.33% of the total 6 billion prepaid card transactions in the US in 2009, unchanged compares to 33.33% of the total 3.3 billion prepaid card transactions in 2006.
The total 2.0 billion EBT card transactions for 2009 generated USD$50 billions in value, an increase of USD$20 billion transactions or 22.6% per year from 2006 to 2009, compares to USD$30 billion in 2006. The average value per EBT card transaction increase from USD$27 in 2006 to USD$28 in 2009(1.0% increase per year from 2006 to 2009).
Notes: Figures may not add due to rounding.

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