Prepaid can flourish when marketed as a
solution to a particular emotional need among specific consumer
groups rather than a general payment tool, MasterCard research has
revealed.
The research – carried out among 4,000 prepaid
cardholders across UK, France, Germany, Poland and Italy – shows
that consumers value prepaid benefits that fulfil an emotional
requirement such as convenience, security or reliability.
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The results show that 77% of consumers feel prepaid is
convenient and this rises to 83% among multifunction prepaid
card users. 74% of customers view the method as secure and 75%
see it as a replacement for traditional payment options such as
cash, cheques and paper vouchers.
The majority of respondents also feel that prepaid can
improve budget management skills among young people.
Speaking at the Prepaid 2011 conference in
London, MasterCard’s head of prepaid in Europe Matt Lanford
suggested that to accelerate growth in the prepaid sector, it
should be pitched as an individual solution to match specific
needs, as ‘prepaid’ does not exist as a standalone category in the
general public’s minds.
“Success hinges upon targeting the right
consumers in the right places with an emotionally appealing message
that will make prepaid relevant to them” Lanford said.
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