Prepaid cards are one of the financial services industry's fastest-growing segments, but bank attitudes towards them vary, according to a survey by ABA and the Maynard, Mass.-based Mercator Advisory Group. The survey found that 58% of banks that deploy prepaid products currently offer or plan to offer prepaid gift cards, and 52% offer or plan to offer general purpose reloadable cards. The study also found 34% of banks that decided not to deploy prepaid products did so because they were concerned about compliance requirements, while 26% were concerned about profitability.
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