Consumers Banking on Prepaid Cards in the face of Recession
BaBeeCard, the prepaid MasterCard card created specifically to help mothers and families manage their finances, announced that the average spend on their prepaid cards had risen by 50% over the last 12 months heralding the growing awareness of prepaid cards and the shift towards prepaid cards as a preferred method of payment.
The BaBeeCard is a prepaid MasterCard card that gives mums access to hundreds of discounts, from baby-related items to everyday essentials like groceries and petrol plus big ticket items like holidays. With grocery, petrol vouchers and multiple discount partners, the card is effectively a fee neutral savings card.
Gemma Johnson, CEO and founder of Blueberry Card Services Ltd and the firm behind the BaBeeCard mentioned that the recession has meant that a lot of traditional financial payment products have suffered and consumer confidence has been shaken and our statistics indicate a shift towards alternative payments. This is reflected in our new cardholder acquisition over the last 12 months where 70% of customers have applied for a longer 2 year card as opposed to the 1 year card showing a greater desire to have a longer relationship with us. Furthermore, cardholders who had been inactive for quite some time have started using their cards with an average of 4-5 transactions a month which is a significant change.
Amit Sharma, CEO of eMotion Associates and leading prepaid card consultant, stated the economic downturn has fuelled an increase in cyber crime and identify theft but also created awareness amongst consumers on the need to control their debt and take advantage of savings and discounts typically available online. Prepaid Cards can play a role in all of these areas by providing a safe, secure alternative which minimises the consumers exposure to fraud whilst providing payment access, online and offline. We are definitely not surprised by the results put forth by the BaBeeCard team as their offering ticks all the boxes and provides customers with excellent added value.
BaBeeCard was awarded the Best Prepaid Gift Card award at the Prepaid365 Awards 2009 and Gemma Johnson won the Mumpreneur of the year 2009 sponsored by WBMN.
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