Visa Research Shows Payroll Cards Score Big with Employees (July 6, 2015)
Payroll cards have gotten a lot of negative press in the past few years and have been (or still are) in the legislative and regulatory hot seat in a few states, where onerous regulations could drive products out of the market. Amid this turmoil, Visa went directly to employees who use payroll cards to get their perspectives. What the survey found is that end users appreciate the benefits of payroll cards, including easy access to funds and the ability to better manage their personal finances.
The “Visa Payroll Card Users Survey” asked cardholders about their views on the cards in comparison to paper checks. Respondents highlighted several benefits of payroll cards, including:
- Access – Nearly nine out of 10 survey respondents said their payroll cards saved them time versus having to cash a check or buy money orders to pay bills. Respondents liked the fact that they can use ATMs and pay for purchases directly with a payroll card, which 89 percent and 86 percent of respondents reported as being important, respectively.
- Ease of use – Respondents reported that their payroll cards were easy to use for recurring and spur-of-the-moment purchases. Eighty-five percent of respondents agreed that payroll cards were easy to use for their monthly purchases, and 90 percent of respondents indicated that they used their payroll card to pay for at least some purchases.
- Money management – Many payroll cards offer cardholders important money management tools. For example, four out of five survey respondents said their payroll card helped them track their money more easily than cash. The ability to check a balance 24 hours a day, seven days a week, was also important to 90 percent of respondents.
Survey results are based on an online survey by Ipsos as a commissioned agent of Visa, among active cardholders of four Visa payroll partners, including ADP. Data weighted to each partner’s respective share of more than half of Visa’s payroll card POS dollar volume from October 2013 to September 2014.
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