UK Cost of Living Crisis Drives 118% Increase in Prepaid Card Use

34% of users (3.9 million) leverage prepaid cards to control finances, while 26% (3 million) use them to avoid debt. Over half (56%) of users are 18 to 34. The survey also highlights that men are 53% more likely to use prepaid cards than women (26% vs. 17%).

Key Trends:

Demographics and Fraud Prevention:

Günther Vogelpoel, CEO of Recharge, said, "The cost of living crisis has fundamentally altered spending habits, driving many Brits to seek alternative ways to ensure they are in control of their finances. Prepaid payment products are just one of the ways they are doing this. Our research highlights the importance of financial security and control in today's uncertain times. Recharge is all about putting the consumer in charge and providing them with the options to spend their way whilst continuing to meet their evolving needs."

This research, conducted by Opinium for Recharge, surveyed 2,000 UK adults. For more details, contact [email protected].

About Recharge:
Recharge, a B2C prepaid payments platform, offers over 16,000 digital vouchers and products, including e-gifts, gaming cards, and mobile top-ups. Operating in 180+ markets from Amsterdam, Recharge has raised over $70 million from investors like Prime Ventures and SmartFin. Visit company.recharge.com for more.

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