2024 General-Purpose Reloadable (GPR) Card Program Scorecard
SAN FRANCISCO, August 29, 2024 (GLOBE NEWSWIRE) — Javelin Strategy & Research today released its first 2024 General-Purpose Reloadable (GPR) Card Program Scorecarda consumer-focused look at the competitive open-loop reloadable card market. Of the 10 major GPR card programs evaluated, Serve Cash Back Card received the “Best in Class” award.
Cards in this market represented a total value of $234 billion in 2023 and continue to grow at an average rate of 7%. Javelin’s scorecard measured 51 criteria in three categories: ongoing experience, cost, and additional benefits and features. The analysis identified the features most desired by consumers – cost, card security, and card access – and rated programs on their ability to meet those expectations.
surcharge topped the list due to its balanced features and customer-centric approach. Although it was not the top performer in any single category, its consistent placement in the top three in all categories secured it the overall win. The Target circle Map took second place overall, standing out for its consistent experience, which offset a lower ranking in additional benefits and features. PayPal Prepaid cardlike Serve, was able to maintain good rankings in all categories and thus corresponded well to consumer preferences.
“These cards are an important entry point for consumers excluded from traditional credit and debit card programs, and also provide additional account access for those looking to budget their regular spending,” said Jordan Hirschfield, director of prepaid payments at Javelin.
Hirschfield praises the quality of the competition, noting that not all consumers expect the same thing from a GPR card. “The strength of the Serve card in ranking in the top three in every category is not diminished by the abundance of options available at the top,” he added. “There are different options for consumers who may weight one factor more highly than another.”
He also explained that consumer priorities of cost, safety and access are also closely linked to why consumers stop Use of GPR cards, especially when consumers find it inconvenient to top up the cards or the fees too high.
Further information on Scorecard for General Purpose Rechargeable Cards (GPR) 2024, please visit javelinstrategy.com.
About Javelin Strategy & Research
Javelin Strategy & Research, part of the Escalent family, helps clients make informed decisions in a digital financial world. The company provides strategic insights to financial institutions such as banks, credit unions, brokers and insurers, as well as payments companies, technology providers, fintechs and government agencies. Javelin’s independent insights are the result of a rigorous research process that evaluates consumers, businesses, vendors and the transaction ecosystem. The company conducts in-depth primary research studies to identify dynamic risks and opportunities in digital banking, payments, fraud and security, lending and wealth management. For more information, visit javelinstrategy.com.
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CONTACT: Contact: Allison Bondi [email protected]
