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With 1 in 4 users using them to avoid debt
LONDON, May 16, 2024 /PRNewswire/ — Even as Britain emerges from recession, Britons are increasingly adopting prepaid cards to manage the current cost of living crisis and avoid debt. An Opinium survey, commissioned by leading online prepaid payments company Recharge, shows that 1 in 5 Britons (11.4 million) use prepaid cards, an increase of 118% since the crisis began.
34% of users (3.9 million) take advantage of prepaid cards to control their finances, while 26% (3 million) use them to avoid debt. More than half (56%) of users are between 18 and 34 years old. The survey also highlights that men are 53% more likely to use prepaid cards than women (26% vs. 17%).
Key trends:
Demographics and fraud prevention:
Günther Vogelpoel, CEO of Recharge, commented, “The cost of living crisis has fundamentally altered spending habits, leading many Brits to look for alternative ways to ensure they are in control of their finances. Recharge products prepaid payments are just one way they do this. Our research highlights the importance of financial security and control in today’s uncertain times. Recharge is about putting the consumer in charge and giving them options to spend while continuing to satisfy. their changing needs.
This research, carried out by Opinium for Recharge, surveyed 2,000 adults in the United Kingdom. For more details, contact press@recharge.com.
About Recharge: Recharge, a B2C prepaid payments platform, offers over 16,000 vouchers and digital products, including e-gifts, gaming cards and mobile top-ups. Operating in over 180 markets from Amsterdam, Recharge has raised over $70 million from investors including Prime Ventures and SmartFin. Visit company.recharge.com for more information.
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