Green Dot Corp. has seen interchange revenue from its active prepaid debit cards rise 95.6 % during a 21-month span, according to PaymentsSource data.
The Monrovia, Calif.-based company reported $27 million in interchange revenue for the third quarter ended Sept. 30 compared with $13.8 million for the first quarter 2009. Green Dot as of Sept. 30 had 3.3 million active cards with a $2.5 billion gross dollar value (see story).
Green Dot’s other third quarter operating revenue, which includes card and funds-transfer revenues, totaled $61.9 million, up 32% from $46.9 million in the first quarter of 2009.
Netspend Holdings Inc, also has experienced modest gains in interchange revenue. The Austin, Texas-based company generated $14.6 million in interchange revenue during the third quarter, up 35.2% from $10.8 million in the first quarter of 2009.
NetSpend’s other third-quarter operating revenue, which includes service fees, was $53.6 million, up 22.1% from $43.9 million in the first quarter 2009.
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