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Monday, April 8, 2013

11:00 AM - 11:45 AM

WAYS TO CREATE AFFORDABLE PREPAID PRODUCTS THAT BENEFIT ISSUERS AND CONSUMERS

Amy DeBerg, President, R&P GROUP
Michael Gray, VP, Operations, NETSPEND
Alec Hudnut, GM, Revenue, GREEN DOT
Douglas Miraglia, President, MONEYPASS NETWORK
Matt Kerr, Director, Strategy & Business Development, H&R BLOCK

In the early days of general purpose prepaid cards, some cards gained a poor reputation, with the stigma of high fees.  But there are ways that program managers, issuers and processors are working together to reduce fees, offering the ability for consumers to withdraw cash, transfer and direct deposit with no fees attached.  This panel will discuss how prepaid products evolved and offer specific examples of low-to-no-fee reloadable prepaid cards, as well as discuss specific tools and strategies issuers can access to offer these types of products to their customers.  

Celebrity prepaid cards often have a poor reputation, using their names to attract customers, but charging high fees for transactions.  In June of 2012 Magic Johnson, formerly of the Los Angeles Lakers, launched a prepaid card called the MAGIC Card, issued by OneWest Bank in a partnership with MasterCard.  Magic Johnson’s post-basketball career is characterized by community activism and the spirit of the MAGIC Card addresses the needs of the underbanked. Because the primary customers of prepaid cards are hourly wage workers who hold multiple jobs to make ends meet, a surcharge to access money can be an expensive proposition.   
This case study will cover the features of the MAGIC Card, including its no-fee cash withdrawals, free direct deposits and bank account transfers, as well as cash-back rewar

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