The Center for American Progress hosted a discussion on "the end of cash" and the increasing use of prepaid debit cards.
Beginning in March 2013, recipients of federal payments, such as Social Security, will receive their benefits on government-issued prepaid debit cards. The use of prepaid cards for people without bank accounts and direct deposit is growing rapidly, according to the Center for American Progress.
Panelists Melissa Koide, deputy assistant secretary for consumer policy at the U.S. Department of Treasury; Jeanne Hogarth, vice president of policy at the Center for Financial Services Innovation; and David Rothstein, policy director for Policy Matters Ohio, discussed the popularity of prepaid cards, the cards' pitfalls and what regulations might be needed.
Joe Valenti, director of asset building at the Center for American Progress, moderated the discussion.