How consumers plan to receive—and spend—coronavirus stimulus checks
As millions of U.S. consumers are beginning to see stimulus checks electronically deposited into their bank accounts as part of the CARES Act, many companies are wondering how Americans will spend these funds.
Already, prepaid card provider Netspend (a subsidiary of Global Payments) has reported that it’s had almost $1 billion deposited onto its cards between Friday, April 12 and Tuesday, April 14. Netspend reported consumers buying groceries, gas, fast food and also withdrawing cash at ATMs.
Despite the uptick in consumer spending, there is a growing sentiment that additional stimulus funds may need to be allocated, given that the coronavirus has infected more than 600,000 in the U.S. and over 2 million globally, according to the Johns Hopkins University Coronavirus Resource Center.