Prepaid Cards in the US, 9th Edition

Best Price Guarantee	Length	Publisher	Published Date	SKU
from $4,500	107 Pages	Packaged Facts	May, 2025	LA19999797

Best Price Guarantee
Price	from $4,500
Length	107 Pages
Publisher	Packaged Facts
Published Date	May, 2025
SKU	LA19999797

The Packaged Facts report, Prepaid Cards in the US, 9th Edition, addresses the US market for prepaid debit cards, with segmentation by card type. This report relies on proprietary, trended data to identify how competitive shifts, product innovation, and consumer preference changes are influencing prepaid card category growth. It also includes market sizing for the prepaid card market, by segment.

Prepaid card trends are identified across card types. Examples range from purchasing behavior, distribution/location behavior, and loading and redemption behavior to EWA, and instant payroll, and neobanks. Payment value estimates are provided by card segment. Analysis of key players includes key relationships, performance metrics, and account growth. The report contains a wealth of proprietary data that is trended back to 2019.

Executive Summary
- Report Scope
- Methodology
- Executive Summary
  - US Prepaid Card Market Size and Forecast
  - Prepaid Gift Card Trends
  - Government-Administered Prepaid Card Trends
  - General-Purpose Reloadable (GPR) Prepaid Card Trends
  - HSA and HSA Prepaid Card Use Trends
  - Payroll Prepaid Card Trends
  - Money Network (Fiserv)
Market Size and Forecast
- US Prepaid Card Market Size and Forecast
  - Payment Value to Reach $642.1 Billion in 2025
    - Table US Prepaid Card Payment Value 2019-2025 ($ billion)
  - Open-Loop vs. Closed-Loop Prepaid Card Payment Value
    - Table US Prepaid Card Payment Value: Open-Loop Cards vs. Closed-Loop Cards 2019-2025 ($ billion)
  - Open-Loop Prepaid Card Payment Value, by Card Type
    - Table US Open-Loop Prepaid Card Payment Value by Card Type 2019-2025 ($ billion)
    - Table US Open-Loop Prepaid Card Payment Value by Card Type 2020-2025 (% annual change)
  - Closed-Loop Prepaid Card Market Size by Card Type
    - Table US Closed-Loop Prepaid Card Payment Value, by Card Type 2019-2025 ($ billion)
    - Table US Closed-Loop Prepaid Card Payment Value, by Card Type 2020-2025 (% annual change)
- Prepaid Card Usage Context: Trends over Time
  - General-Purpose Prepaid Card Usage Has Grown Wildly as Programs Consolidate
    - Table Prepaid/Gift Card Users by Card Type, 2019-2025
Prepaid Gift Card Trends
- Prepaid Gift Card Purchasing in 2025
  - Roughly One-Third of Adults Purchase Gift Cards
  - Closed-Loop Retailer Gift Cards Rule: Amazon Wallops other Retailer Card Options
  - Foodservice Prepaid Gift Cards Also Perform Well
  - Visa Prepaid Gift Cards Purchase Penetration Trumps Network-Branded Competition
  - Analysis by Generation and HH Income
    - Table Prepaid Gift Card Purchasers, by Retailer, Foodservice, and Network-Branded Card Segment, and Sub- Segment, 2025
    - Table Prepaid Gift Card Purchasers, by Retailer, Foodservice, and Network-Branded Card Segment and Sub- Segment: Cross-Tabbed by Respondent Generation, 2025
    - Table Prepaid Gift Card Purchasers, by Retailer, Foodservice, and Network-Branded Card Segment and Sub- Segment: Cross-Tabbed by Respondent HH Income, 2025
- Prepaid Gift Card Purchasing from 2019 to 2025
  - Post-Pandemic Prepaid Gift Card Purchasing Trends Downward
    - Table Prepaid/Gift Card Purchasers, 2019-2025
  - Amazon Gift Card Purchase Penetration More Than Doubles in Five Years
  - Traditional Brick-and-Mortar Retailers Take It on the Chin
    - Table Retailer/Foodservice Prepaid/Gift Card Purchasers, by Retailer/Foodservice Establishment Type, 2019-2025
  - Network-Branded Prepaid Gift Cards Hold Steady
    - Table Network-Branded Prepaid/Gift Card Purchasers, by Card Network, 2019-2025
  - Amounts Spent on Gifts Cards
    - Table Prepaid Gift Card Purchasers: Amount Spent in Total, Share by Dollar Value, 2019-2025
- Gift Card Distribution Source
  - Plastic Still Rules
  - Gen Zers and Millennials Skew Digital
    - Table Share of Prepaid/Gift Card Purchasers Who Bought Plastic, Digital, and Print-at-Home Cards, 2021-2025
    - Table Share of Prepaid/Gift Card Purchasers Who Bought Plastic, Digital, and Print-at-Home Cards, by Respondent Generation, 2025
    - Table Share of Prepaid/Gift Card Purchasers Who Bought Plastic, Digital, and Print-at-Home Cards, by Respondent HH Income, 2025
  - And the Rack Still Pulls Weight
  - Over 40% of Consumers Purchase Gift Cards with Points—the Primary Route for Over 20%
    - Table Places Where Consumers Purchase Gift Cards: All Source and Primary Source, 2025
- Receiving Gift Cards
  - Family Members Most Prevalent Source
  - Receiving from Others Outside of Family and Friends Is on the Rise
    - Table Prepaid/Gift Card Recipients: Share Who Receive, by Type of Giver, 2019-2025
- Gift Card Usage
  - Closed-Loop Options Trump General-Purpose Cards
    - Table Prepaid Gift Cards Used in the Past 12 Months, by Card Type, 2025
  - Coffeehouse/Restaurant Prepaid Gift Cards: Usage Rationales
    - Table Top 15 Most Visited Fast Food & Drive-in Restaurants: Purchase Frequency Segmentation 2025
    - Table Reasons for Using a Closed-Loop Coffeehouse/Restaurant Prepaid Gift Card, by Percent of Respondents Saying Reason Is “Very Important,” 2025
    - Table Reasons for Using a Closed-Loop Coffeehouse/Restaurant Prepaid Gift Card, by Percent of Respondents Saying Reason Is “Very Important” and by Generation, 2025
- Closed-Loop Prepaid Gift Card Loading Behavior
  - Users Most Prevalently Load Their Cards Via Mobile Phone
    - Table Where Closed-Loop Prepaid Card Users Load Funds onto Their Cards, by Location/Method, October 2023
- Gift Card Redemption Behavior
  - Spending More and Spending Less Than the Value of the Card Translates to a Retailer Win
    - Table Share of Prepaid Gift Card Users Who Typically Spend More, The Same, and Less Than Amount on the Card, 2019-2025
  - Consumers Are Increasingly Redeeming Their Gift Cards Within One Month of Receipt
    - Table Share of Prepaid Gift Card Users Who Redeem, by Redemption Time Frame, 2019-2025
  - Gen Zers are Quick to Redeem Their Gift Cards
    - Table Share of Prepaid Gift Card Users Who Redeem, by Redemption Time Frame, 2019-2025
- Gift Card Breakage Income: Not Pocket Change
  - Starbucks Reaps More Than $200 Million Annually from Breakage
  - But Retailers and Restaurant Operators Across the Board Also Cash In
    - Table Gift Card Breakage Income, Company Revenue, and Breakage Share of Revenue: Selected Restaurants and Retailers, 2024
  - The Result: Billions in Breakage Income for Retail Establishments
- Gift Card Fraud Is on the Rise
  - Legislators Act
Government-Administered Prepaid Card Trends
- Federal Prepaid Card Programs: Direct Express Mastercard
  - Direct Express Finds a New Home
  - A Slow Transition
  - Bank of New York Mellon Gets a Lukewarm Program Balance Sheet and a Liquidity Boost
    - Table Comerica Direct Express Program, Selected Metrics, 2023-2024 ($ billion and $ million)
  - But Declining Direct Express Enrollment Translates to Slow Disbursement Growth
  - Payment Value Growth Is a Bright Spot
  - Incremental Program Growth Expected for 2025—Barring Wildcards
    - Table Federal Government Network-Branded Prepaid Card Disbursement Value, Payment Value, and Payment Value, Share, 2019-2025 ($ billion)
- State and Local EBT/Prepaid Card Programs
  - Post-Pandemic Normalization
    - Table State and Local Government Prepaid Card Disbursement Value: EBT vs. Network-Branded Prepaid Cards, 2019-2025 ($ billion)
  - EBT Programs Remain Above $100 Billion Threshold
    - Table EBT Prepaid Card Disbursement Value by Program, 2019-2025 ($ billions)
  - State General-Purpose Prepaid Card Programs
    - Table State and Local Network-Branded Prepaid Card Disbursement Value and Payment Value, 2019-2025 ($ billions)
- Key State and Local Government-Administered Prepaid Card Players
  - Network-Branded Prepaid Card Programs
  - EBT Card Programs: Most Roads Lead to Conduent
    - Table Conduent Incorporated Government-Administered Prepaid Card Disbursement Value, 2019-2024 ($ billions)
    - Table Conduent Incorporated: Number of States Serviced, by EBT, EBT for WIC, and Childcare Program 2019-2024
General-Purpose Reloadable Prepaid Card Trends
- Overview
  - Financial Inclusion Net Has Broadened, Imperiling GPR Prepaid Cards
    - Table Percentage of US Households That Are Unbanked, 2023, 2015, 2017, 2019, 2021, and 2023
    - Table Percentage of US Adults Who Are Banked, Fully Banked, Underbanked, and Unbanked, October 2023
  - Improved Access to Mainstream Financial Services Reduces the Need for Prepaid Cards
  - General-Purpose Prepaid Card Usage Remains Elevated Among Unbanked and Underbanked
    - Table Prepaid/Gift Card Users, by Card Type and Banked Status, October 2023
- How App-Based Digital Banking Has Reshaped GPR Prepaid Industry
  - Neobanks and Digital Wallet Ecosystems Broaden Access to Mainstream Financial Services
  - Neobank O.G. Chime: Setting the Standard for GPR Prepaid Cards to Match
  - Chime vs. Walmart MoneyCard: Chime Has the Upper Hand on Fees and Features
    - Table Account Fees, Chime vs. Walmart MoneyCard, 2025
    - Table Account Features: Chime vs. Walmart MoneyCard, 2025
  - Apple Cash and Cash App Card Serve as Mobile Wallet Ecosystem Lynchpins
    - Table Cash App Product Introduction Timeline, 2013-2025
  - Apple Cash and Square’s Cash App Card Consolidate the GPR Prepaid Card Market
    - Table Percentage of Online/Mobile Payment Users, by Payment Brand and General-Purpose Prepaid Card Use, October 2023
  - Mobile Wallets Must Be a Part of The Prepaid Card Equation
- General-Purpose Prepaid Card Usage Rationales in 2025
  - Key Findings
    - Table Reasons for Choosing a Prepaid Card for Everyday Use, by Percent of Respondents Saying Reason Is “Very Important,” 2025
    - Table Reasons for Choosing a Prepaid Card for Everyday Use, by Percent of Respondents Saying Reason Is “Very Important,” by Respondent HH Income, 2025
    - Table Reasons for Choosing a Prepaid Card for Everyday Use, by Percent of Respondents Saying Reason Is “Very Important,” by Respondent Card Type, 2025
Healthcare Prepaid Card Trends
- Overview
  - The Prepaid Card Connection
- HSA and HSA Prepaid Card Use Trends
  - HSA Account Growth Explodes
    - Table Total US HSA Assets, Segmented by Investments and Deposits, 2016-2027 ($ billions)
  - Contributions Continue to Outstrip Withdrawals
    - Table Total US HSA Contributions, Withdrawals, and Retained Assets, 2016-2024 ($ billion)
  - Growing Withdrawal Amounts Fuel More Than $30 Billion in HSA Prepaid Card Spend
    - Table Total US HSA Withdrawals: Prepaid Card Spend Share, 2016-2024 ($ billions)
- Key Prepaid Healthcare Card Players
  - WEX
    - Table WEX Inc. Benefits Segment., Purchase Value, Accounts, Assets, Revenue, and Yield 2022-2024 ($ million)
  - HealthEquity
    - Table HealthEquity: Number of Accounts by Type, 2023-2024 (million)
    - Table Health Equity: Revenue, by Type, 2023-2024 ($ million)
    - Table Health Equity: HSA Assets by Type, 2023-2024 ($ billion)
Payroll Prepaid Card Trends
- Payroll Prepaid Card Use Trends
  - Earned Wage Products Drive Growth
  - Instant Payroll Solutions Accelerate Payroll Card Growth
- Key Paycard Programs
  - Money Network (Fiserv)
  - Wisely (ADP)
  - rapid! (Green Dot)
    - Table Green Dot rapid! PayCard Segment: Gross Dollar Value, Purchase Value, Active Accounts, and Revenue, 2021-2024 ($ billion and $ million)
Prepaid Card Marketer and Issuer Strategies
- Overview
- The Bancorp, Inc.
  - Regional Lender and Prepaid and Debit Card Leader
  - Ten Affinity Partners Contribute 89% of Payments-Related Deposits
  - Chime, HealthEquity, and PayPal, oh my!
  - Sizzling Card Spend Growth
    - Table The Bancorp: Prepaid and Debit Card Gross Dollar Value, 2019-2024 ($ billion)
  - Deposits on the Rise, Thanks to Debit and ACH
    - Table The Bancorp: Fintech Solutions Group Year-End Deposits, 2019-2024 ($ billion)
    - Table The Bancorp: Selected Non-Interest Income Metrics, 2019-2024 ($ million)
- Green Dot Corporation
  - Operating Segments
  - Segment Performance
    - Table Green Dot Consumer Services Operating Segment: Gross Dollar Value, Purchase Value, Active Accounts, and Revenue, with Retail and Direct Channel Sub-Segmentation, 2021-2024 ($ billion, $ million, $, and # million)
    - Table Green Dot B2B Services Operating Segment: Gross Dollar Value, Purchase Value, Active Accounts, and Revenue, Sub-Segmented by BaaS and PayCard Divisions, 2021-2024 ($ billion, $ million, $, and # million)
    - Table Green Dot Money Movement Operating Segment: Number of Cash Transfers, Number of Processed Tax Refunds, and Revenue, 2021-2024 ($ million and # million)
  - Apple Cash Is on a Growth Tear
  - As Apple’s Star Brightens, Walmart’s Star Dims
    - Table Green Dot Operating Revenue: Total, Walmart, Apple, and Other, 2018-2024 ($ million)
- Pathward Financial
  - Partner Solutions
  - Payments Supply the Deposits
  - Card Brands and Segments
  - Key Partners and Segments
  - Performance Trends
    - Table Pathward Financial: Deposits, Non-Interest Income, and Net Interest Income, with Segment Detail, 2022-2024 ($ million)
Appendix
- Terms and Definitions
  - Prepaid Card Definitions
  - Other Definitions