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NetSpend opens emerging-markets channel after plans to acquire Procesa
October 15, 2008
AUSTIN — NetSpend Corp., provider of prepaid reloadable debit cards in the United States, has announced plans to create an emerging-markets channel contingent upon the company's plans to acquire Procesa International LLC.
According to a news release, the acquisition is expected to lead to the launch of two new international products designed to help serve the needs of the unbanked and underbanked U.S. Hispanic market.
Procesa International is expected to continue to offer its products and services through a newly formed NetSpend subsidiary, and the emerging markets channel will be developing new NetSpend card products for the same market. The products should be available through NetSpend's partners.
NetSpend has named Patrick Brown, founder of Procesa International LLC, to lead the group.
The emerging-markets channel expands NetSpend's domestic services across borders, and aims to empower and provide premier financial services to the unbanked and underbanked U.S. Hispanic market, estimated to comprise 40 million consumers. The introductory product offerings through this channel include international wireless recharge and international bill-payment, allowing the U.S. Hispanic consumer to add minutes to an international cell phone or pay a family member's bill in Latin America.
Brown is responsible for the development and implementation of business strategy and overall growth of NetSpend, as it relates to the U.S. Hispanic market and other new markets. Before joining Procesa International, Brown served as President of Euronet Payments and Remittance Inc., a wholly owned subsidiary of Euronet Worldwide Inc.
Brown also was a co-founder of Continental Transfer and served as its chief operating officer. In 2006, he was named honorary vice consul for the Mexican consulate, the first position of its kind in the United States. Brown and the emerging markets channel are based in Charlotte, N.C.
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