Until now, reloadable prepaid cards have been primarily used by people without bank accounts, and by states to deliver benefits. But Mercator Advisory Group predicts that $70.7 billion will be loaded onto these cards in 2011, a 68% increase over 2010.
Banks hope that the fees on prepaid cards will help them recoup revenue lost as a result of limits on fees charged to credit card users and, now, cuts in the fees paid every time someone swipes a debit card (for more on bank fees, see How to Get a Better Deal at Your Bank).
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