NetSpend announces distribution agreement with 7-Eleven to sell prepaid cards in its stores

NetSpend expands with 7-Eleven

Austin based NetSpend, a general-purpose reloadable prepaid debit card and financial service provider, has gone into agreement with 7-Eleven, the largest convenience store chain in the US, to sell its prepaid Visa cards at more than 5000 of 7-Eleven’s company operated and participating franchised stores around the US. The agreement is NetSpend’s largest retail distribution deal to date. NetSpend also announced back in November 2011 that it will be expanding its card reload network with thousands of 7-Eleven stores around the US.

NetSpend’s service is geared toward the 60 million or so underbanked consumers in the US who do not have a traditional bank account and rely on alternative financial services. Chief executive officer of NetSpend, Dan Henry, says of the agreement, “The combination of selling our GPR cards and expanding our reload network at 7-Eleven stores gives self-banked consumers an easier way to take care of their financial services needs outside of the traditional, normal banking hours and at locations that are more convenient to them.”

Towards the end of last year Netspend also announced 2 other promising deals that bode well for the company – a five year agreement with PayPal to provide processing services and program management for its branded reloadable cards, and an agreement with Blackhawk Network to make NetSpend’s prepaid cards available for sale in more than 3,000 grocers, convenience stores and retailers around the US.

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