Apparently, I’m not the only one writing about the mainstream adoption of prepaid cards. Today, the WSJ published a story covering Bluebird, the prepaid card venture between Walmart and AMEX.
This venture is interesting because it highlights AMEX’s forray into the market. With its Gold and Platinum card focus, American Express has traditionally targeted the high-end consumer. This move indicates that either (a) the low end is getting more attractive or (b) the high end shows little growth potential.
Either way, I think Bluebird is just the beginning. Prepaid has an opportunity to wholesale replace bank accounts for many consumers - it may be a few years away, but it can and should happen.