MasterCard becomes exclusive card processor for Green Dot Bank

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MasterCard have been selected to represent credit card issuer Green Dot Bank in attempt to improve the card issuer’s consumer base.

Green Dot will receive many benefits from this new partnership with MasterCard. Firstly MasterCard will process Green Dot’s entire debit and pre-paid manufactured goods, which will in turn reinforce Green Dot’s security measures.

‘‘Our processing technology team has been working closely with MasterCard for the past 15 months on the integration of our two technology platforms… Our current and future suite of modern banking products and mobile solutions will pay off in terms of our ability to create new, innovative products and services,’’ said Kuan Archer, chief operating officer of Green Dot Bank.

MasterCard’s relationship with Green Dot extends even further, as the card issuer will become part of the MasterCard payment transaction service platform by the end of 2016.

This scheme enables businesses to expand their portfolio across business channels. Green Dot’s customers could benefit from this platform as merchants will be able to use a range of processing solutions for signature and PIN debit, as well as ATM and global prepaid.

‘‘Green Dot Bank is one of the nation’s largest and fastest-growing debit card issuers and technology-forward financial services providers. With that in mind, we’re thrilled to enter into this relationship,’’ stated Mike Manchisi, president of MasterCard payment transaction services.

MasterCard have been involved in a number of partnerships and acquisitions this month. Only two days ago MasterCard announced a $600m takeover of cloud-based analytics provider Applied Predictive Technologies.

The card provider also strengthened their partnership with IFC a fortnight ago, aiming to provide millions of people in emerging markets access to electronic payments, in an attempt to increase universal financial access by 2020.

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