Green Dot Corporation, a subsidiary of Green Dot Bank, has entered into a new agreement with Walmart, which will see it continue to act as the issuing bank for MoneyCard, the US retailer’s prepaid reloadable debit card service for another five years.
The renewed agreement officially started on 1st May, 2015, and replaced the current agreement would have otherwise expired at the end of the year.
The companies have been partners on the program for nearly a decade – since its creation in 2006. At first Green Dot was the program manager and service provider, whilst GE Capital Retail Bank was the issuing bank. However, in 2013 it was announced that Green Dot would take over as the issuing bank.
Green Dot shares were actually declining throughout the year. By Monday’s close of trading the shares declined by 25 per cent as people were concerned the bank may lose Walmart’s business. However, Green Dot shares soared 31 per cent to $20.02 in after-hours trading as the announcement was made.
“To be chosen again as Walmart’s partner against a wide field of fine competitors brings a wonderful feeling of accomplishment and satisfaction for all of us at Green Dot Corporation who work so hard on behalf of our customers, our business partners and our investors,” said Steve Streit, Founder, Chairman and CEO of Green Dot Corporation.
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