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Wal-Mart launches prepaid card to expand financial services
June 14, 2007
American Chronicle:Wal-Mart Stores Inc.'s new prepaid offering, the Money Card, carries a $3,000 prepaid limit and will be offered to every shopper that buys merchandise. The new prepaid card affords Wal-Mart an opportunity to add many cardholders who will be making high-dollar deposits. The card is issued by GE Money Bank, pursuant to license from Visa USA Inc. Card services will be provided by Green Dot Corp. Industry pressure pushed Wal-Mart to withdraw its application for a banking charter, but it's no secret that the retailer is still interested in expanding its financial operations beyond no-fee ATMs and check cashing. Prepaid cards offer a way to capture customer and non-customer deposits.
Debit / CreditTransaction ProcessingPrepaid / Stored Value / Gift CardBanking Executive SummaryOtherNorth AmericaBank / Credit Union
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