Prepaid Loads Nearly Double with Ingo’s MDC (Feb. 3, 2015)
A new report from Ingo Money offers evidence to support what many industry observers have long maintained: Offering cardholders robust reload capability is key to driving loads and retention.
In its Prepaid Program Impact Analysis, released today, the electronic funding provider reported that prepaid cardholders who use the company’s mobile card load app rack up nearly twice the monthly card load value compared to non-users. Recently named a Breakout Company of the Year in the 2015 Paybefore Awards, Roswell, Ga.-based Ingo Money enables prepaid program managers to offer cardholders instant good funds availability for loads from checks, cash and payment cards. Based on in-house data compiled since Ingo Money’s 2013 launch and a 2013 Visa study of prepaid cards, the analysis found the average Ingo Money user loads 90 percent more value per month to his prepaid card compared to a non-user: $1,224 for Ingo users versus $644 for non-users. Over the average life of a prepaid card, that translates to nearly $3,400 in additional card load value. Even cardholders enrolled in direct deposit loaded more money per month if they also used Ingo.
“With Ingo Money, cardholders are able to consolidate checks and cash from all income sources and access those funds immediately to meet their urgent financial obligations,” said Lisa McFarland, chief marketing officer, Ingo Money. “Serving this critical need for their customers may help Ingo Money clients disrupt persistent cash usage, build stronger affinity to the card and more deeply instill a preference for digital payment methods.”
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