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Tax Refunds and Prepaid Cards: Any Room Left in the Market?

Tax Refunds Offer a Chance to Grow Deposits on Prepaid Cards, but the Market Is Competitive

Research from Mercator Advisory Group explores tax refund deposit opportunity for prepaid card programs

Mercator Advisory Group’s research note, Tax Refunds and Prepaid Cards: Any Room Left in the Market?, examines the opportunity for prepaid card program managers to win significant deposits on their cards by offering direct deposit to U.S. tax filers but also shows that the market is a crowded one.

“Program managers could win significant deposits at tax time, but they will need to provide a strongly executed offering that provides measurable value to tax filers,” said Ben Jackson, Director of Mercator Advisory Group’s Prepaid Advisory Service and one of the authors of the note.

This note contains 9 pages and 1 exhibit.

Companies mentioned in this report include: AchieveCard, Akimbo,, ATX, Community Financial Resources,, EPS Tax Solutions, EZTaxReturn, Green Dot Corp, H&R Block, Intuit, Jackson Hewitt Tax Services, Liberty Tax Service, Republic Bank & Trust, TaxAct,, TMobile, TPG, and U.S. Bank.

Members of Mercator Advisory Group Prepaid Advisory Group have access to this report as well as the upcoming research for the year ahead, presentations, analyst access, and other membership benefits.

Highlights of the research note include:

  • Overview of the market for deposit of U.S. tax refunds on prepaid cards, including opportunities represented by the more than 19 million refunds still being disbursed via paper checks

  • Identification of partnerships that most major tax preparers in the U.S. have formed with prepaid card providers 

  • Discussion of hurdles, including tax fraud, consumer attitudes, and regulatory compliance, that program managers will need to surmount in order to find success in this market