The allure of the fast-growing U.S. market for prepaid debit cards is pitting niche players like pop star Justin Bieber against financial giants including JPMorgan Chase & Co. and American Express Co.

Both Bieber and JPMorgan want to sell more of the cards, a part of the financial services business that holds as much as $1.7 billion in potential fees for banks seeking new revenue streams as they face growing competition and regulation.

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