Bretton Woods Study on Payments Evolution
October 15, 2009
Much has been written recently about prepaid cards – positively from the innovation and value to consumers, businesses and government and negatively from fees to lack of consumer protections. It is the intent of this report to objectively analyze the payments options available to consumers, the relative costs and benefits and what the future portends.
Extensive research has been conducted on the evolution of the payments system, in general, and branded prepaid cards, specifically. Bretton Woods read and analyzed multiple reports that have been generated in the last five years and attempted to ascertain the objectiveness of the authors and only use those reports that are not biased in one direction or another.
The direct comparison of like transaction patterns for users of basic FDIC insured checking accounts and the users of branded prepaid cards indicate that prepaid card users pay less for similar services. Additionally, the consumer pays less than using check cashing services and buying money orders to meet their monthly obligations.
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