News

New O2USA prepaid MasterCard goes live on February 1

January 25, 2012

O2USA will join an expanding universe of prepaid cards on February 1, according to a press release. The company says its new card is competitive with other prepaid products, particularly the Walmart MoneyCard.

After making a direct deposit onto an O2USA MasterCard, the user can buy goods from any MasterCard-accepting merchant or online payee. Customers also will be able to withdraw money from any ATM that displays a MasterCard, Maestro, or Cirrus acceptance sign.

“Considering this market expects to exceed $150 billion in 2012, we believe the results will be a very big advancement for the company,” said O2 Secure Wireless CEO Val Kazia in the release.

An estimated 2.4 billion people worldwide are considered unbanked or underbanked. Data released by KPMG suggests that the underbanked financial market includes 88 million adult Americans with nearly $1.3 trillion in annual income. Experts predict as many as 6 million additional Americans could join their ranks within the next two years, given current economic conditions.