Reloadable prepaid cards act as a fertile platform for innovation
- The reloadable prepaid card market was robust before new retailers joined in.
- An increasing number of brands are issuing them to engage with their customers.
About a decade ago, tax preparation company H&R Block began offering its clients their IRS refunds on debit cards, which they could then spend anywhere that accepted Mastercard.
Now, the reloadable H&R-branded Emerald Card is actually serving as a defacto year-around checking account for many, with more than 2 million clients depositing about $9 billion onto the cards in 2018, using them on a regular basis for groceries, clothing, utility bills, ATM withdrawals and other expenses.
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