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May 26, 2020

On the web

Walmart And Green Dot Beef up the MoneyCard With a New Savings Rate And Other Features

Digital Transactions

“Looking to make their reloadable prepaid card more attractive as retailers and consumers alike deal with the uncertainty created by the coronavirus pandemic, Walmart Inc. and Green Dot Corp. on Tuesday said they are now offering a 2% rate on the Walmart MoneyCard’s associated savings account.  The rate is applicable for balances up to $1,000. Previously, no rate applied as users earned the chance to win prize savings instead, a Green Dot spokesperson says. The prize program is still in effect.”

May 19, 2020

On the wires

Treasury is Delivering Millions of Economic Impact Payments by Prepaid Debit Card

“This week, Treasury and the IRS are starting to send nearly 4 million Economic Impact Payments (EIPs) by prepaid debit card, instead of by paper check. EIP Card recipients can make purchases, get cash from in-network ATMs, and transfer funds to their personal bank account without incurring any fees. They can also check their card balance online, by mobile app, or by phone without incurring fees. The EIP Card can be used online, at ATMs, or at any retail location where Visa is accepted. This free, prepaid card also provides consumer protections available to traditional bank account owners, including protections against fraud, loss, and other errors.”

April 30, 2020

On the web

MetaBank, Fiserv Win Contracts to Issue Visa Pre-paid Cards for U.S. Stimulus Cash


“MetaBank ( CASH.O ) and Fiserv ( FISV.O ) won U.S. Treasury contracts to issue Visa Inc ( V.N ) pre-paid cards loaded with coronavirus stimulus payments, according to two people familiar with the matter. Industry groups had pushed for Treasury’s Internal Revenue Service to allow this pre-paid form of stimulus payments, which is designed to help millions of Americans struggling due to coronavirus lockdowns, Reuters reported last week.”

May 20, 2019

On the wires

Geoswift Secures Stored Value Facilities Licence in Hong Kong

“Geoswift, a leading provider of cross-border payment solutions between China and the rest of the world, announced today that its Hong Kong entity has been granted a coveted Stored Value Facilities (“SVF”) Licence by the Hong Kong Monetary Authority. With the SVF licence, Geoswift can provide greater convenience and a better experience for consumers and merchants and move closer to providing a seamless cashless, digital payment world. Stored value facilities are changing the fintech landscape in Hong Kong, and as more companies such as Geoswift hold SVF licences, it is creating a competition which is innovating the marketplace. This increase in diversity will result in new services which will bring more convenience and choice to both consumers and merchants.”

April 15, 2019

On the web

Gift Transactions on Zelle Prompt Chase to Roll Out Gift Cards for Mobile And Digital Users

Digital Transactions

“Features include the ability to add a short message, track which cards were sent and for how much, and schedule special events, such as a recipient’s birthday. Values allowed range from $5 to $100, and the recipient can spend the cash immediately upon receipt. The bank is not charging a fee for the service, but the sender must use the recipient’s email address. “No other bank has something quite like this.” says a Chase spokesperson by email.”

April 2, 2019

Top Post

The Prepaid Business Adopts a Sanguine Approach As the CFPB’s Big Rule Finally Takes Effect

Digital Transactions

“The Consumer Financial Protection Bureau’s voluminous prepaid card rule finally took effect with sweeping provisions governing matters ranging from fee disclosures to error-resolution rights to consumers’ access to their accounts. But issuers of prepaid cards and digital wallets have had time to adjust to the CFPB’s rule, which a hostile Congress once tried to quash under the Congressional Review Act, and are now more or less sanguine about its many provisions.”

November 7, 2018

On the wires

MetaBank® Launches New Reloadable Prepaid Card with Travel Benefits for AAA

MetaBank®, a wholly-owned subsidiary of Meta Financial Group, Inc.® (NASDAQ: CASH) (“Meta”), today announced the launch of the AAA MemberPay Visa® Prepaid Card — a card that combines general purpose reloadable (“GPR”) and travel features. Based on feedback from members of the American Automobile Association (“AAA”) and consumer preference, the AAA MemberPay Card’s features are intended to meet the demand for a single-source prepaid solution with broad capabilities. “

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