We’re proud to have conducted the qualitative portion of a recently published study on payroll card usage and opportunities for CFSI. The report covers three key findings:
- Consumers are actively choosing payroll cards over other forms of payment, including direct deposit.
- Most payroll card users experience choice and limited fees, but not all.
- Payroll cards can be a multi-functional tool for financial health, but few cards champion this potential.
CFSI’s report [PDF] provides ideas for payroll card providers and employers to address the needs of three separate segments: Engaged, Hesitant and Established Users (see page 12).
Learn more and download the full report. Also, read a summary of the report’s findings in this Medium article by CFSI. Lastly, a couple of us attended an excellent conference put on by CFSI earlier this summer. It covered the challenges of financial insecurity in America, outlining critical imperatives and spotlighting solutions and who’s working on them. Read about our takeaways in this post on our blog.