A stunning new survey shows the average Ingo Money user loads 90% more value per month to their prepaid card than a non-user, with no measurable cannibalization of pre-existing load volume or load fee revenue. Prepaid cardholders enrolled in Direct Deposit who also use Ingo Money load 44.2 percent more value monthly than non-users.
Ingo Money says prepaid card cash loaders (excluding “one-and-done” cardholders who load only once when a card is acquired and never re-load), total monthly load value among Ingo Money users more than doubles to nearly $1,000 per month, exceeding the historical average monthly load volume of direct deposit-enrolled prepaid cards by 25%.
Prepaid cardholders who use Ingo Money load an average of 2.04 checks per month for an average monthly load value of $580. Pre-printed payroll and government checks account for 44% of checks, while two-party personal checks represent 34% of checks. A wide variety of institutional and specialized check types”money orders, cashier’s checks, handwritten payroll checks, insurance checks, rebate checks and others”comprise the remaining 22% of Ingo Money check transactions.
Regardless of the funds timing option selected, all Ingo Money prepaid card loads are guaranteed, irreversible funding transactions available to spend the moment a card is funded without fear of future reversal. Due to chronic cash flow problems faced by most prepaid cardholders, Ingo Money users choose fee-based, “Money in Minutes” funding for more than 97 percent of check transactions.
Preliminary customer lifecycle analysis suggests that Ingo Money usage may also extend the average lifespan of a prepaid card. Further examination is underway to measure lifecycle impact fully and assess the downstream impact of Ingo Money usage on prepaid card payment and spending behaviors.
Ingo Money owns and operates two lines of business. Ingo Network Solutions, operated in conjunction with First Century Bank, N.A., is a consumer-direct network accessible via mobile and retail channels.
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