In his November 15 column, the editor of The Prepaid Press closed by saying, “Prepaid is no longer an afterthought.”

It’s true that network-branded prepaid products have seemingly hit their stride now that Visa and Mastercard have devoted entire business units to the category. But there are other factors adding to the legitimacy of the prepaid card.

First, the number of retail outlets offering open-loop gift and reloadable cards in their stores is increasing by the day. Think WalMart, Walgreens, CVS Pharmacy. We’re even beginning to see them pop up in convenience stores.

No longer must consumers purchase gift cards that only work at one or two outlets. Now they can buy plastic as gifts or credit alternatives that work in thousands of locations – and they can get them pretty much anywhere.

Another factor that may be boosting the popularity of prepaid as a payment option for today’s consumer is the topic of overdraft fees.

Whether or not an individual has a personal experience with overdraft is less relevant than the multitude of news headlines and commentary covering the topic.

As consumers become more aware of the true cost of some financial institution’s overdraft protections services, the more drawn they become to avoiding them. Enter prepaid.

Lastly, the nature of our economy has made credit less available and less desirable. For the unbanked, prepaid has always been an attractive option. But now the mainstream has seen a bit of the light as their “banked” options become less appealing.

The question for FI’s then becomes: Does prepaid remain an afterthought for us? And if so, how can we change that?