Targetting the under-banked in the US
Global Payout will be offering a reloadable Prepaid Discover Card distributed as MoneyTrac, aimed at the sixty million unbanked or under-banked in the US (view press release). The MoneyTrac Prepaid Discover Card will enable cardholders without bank accounts to access cash at ATMs and purchase products at services in-store and online. Cardholders will also be able to opt-in to a financial education programme, and can access and manage their accounts online or from their smartphones. In addition, they will receive a Health Care and Pharmacy discount programme with around 325,000 physicians and 59,000 pharmacies.
“As experienced prepaid consultants, we selected Discover to launch our new prepaid card programme in the US because of their exceptional customer satisfaction and because they have the longest card member retention,” said Jim Hancock, CEO, Global Payout. “In addition, Discover is aggressive in supporting our legal immigrant clientele by offering Discover Money Transfer for international remittance.”
Expert Financial Systems is the stored value processor and programme manager for the MoneyTrac Prepaid Discover card and TAB Bank is the issuing bank. The company is in the first phase of launching programmes for credit repair companies, direct sales companies for 1099 payments and youth and school fundraising programmes.
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more
