Prepaid debit card providers might gain customers by adding mobile remote deposit capture services because underbanked consumers see value in the technology, according to a survey.
Synergistics Research Corp. surveyed 322 underbanked mobile phone users with household incomes below $40,000 online and by phone in January and February.
Of those, 36% said they were aware of systems to deposit a check by photographing it with a mobile phone's camera, and 30% said they saw value in such services. Synergistics defines "underbanked households" as those with a checking or savings account but no other depository, savings or investment accounts.
The results indicate mobile remote deposit capture could be the missing link that turns a prepaid account into a mirror image of the traditional checking account, said Bill McCracken, Synergistics' chief executive.
"The ability to take a paper check that someone has given them and deposit it into the prepaid card account is extremely attractive," McCracken said in an interview.
Consumers with a household income of less than $40,000 appear to be a sweet spot for prepaid providers, the survey indicated.
About 30% of respondents in that income range used a prepaid debit card. Moreover, 20% of all respondents said they used a prepaid debit card as their default checking account.
The prepaid card marketers Green Dot Corp. and Plastyc Inc. both have discussed adding mobile remote deposit capture as a service offering, McCracken said.
Plastyc is seeking a partner that would handle risk management associated with the technology, a representative of the company said. Green Dot did not respond to a request for comment.
