This is exactly what we are seeing at Plastyc: strivers provide the core of the growth among the under-banked, not fresh immigrants.
Their motivations for being prepaid card accountholders?
- Resetting their finances in a way that avoids further overdrafts (checking accounts) and debt (credit cards)
- Choosing a product that costs less, has good mobile access, and does everything they need
Visa estimates that strivers are about 48MM in the US. A majority of them is Caucasian, 30% African American, and 7% Hispanics.
Read the article by Zachary Ehrlich in MyBankTracker