Nineteen out of every 20 Social Security beneficiaries who receives their benefits on a prepaid card is happy with the service, a 95 percent satisfaction ratio, according to KRC Research.
Commissioned by MasterCard, KRC’s survey also found that 97 percent of respondents thought of prepaid debit cards as being safer than paper checks. And 93 percent said they found prepaid more convenient.
The U.S. Treasury has issued MasterCard prepaid cards to roughly 3 million Americans, according to American Banker, while roughly 6 million still receive benefits via paper check.
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