Headline News from PaymentsNews.com - September 26, 2013

On the web: Why We've Agreed to Acquire Braintree - PayPal Forward (David Marcus) - "I admire Braintree because they were one of the very first companies to understand the power of real mobile-first experiences. I’m not talking about traditional e-commerce ported to your mobile device. I’m talking about groundbreaking experiences offered by companies like Airbnb, OpenTable, Uber, and TaskRabbit." Braintree Teaming Up with PayPal - Braintree Blog (Bill Ready) - "This is an exciting step for Braintree – not because we’ve hit a milestone but because we’re taking a bold step toward the future we want to build. We’re...

EA SPORTS Launches Prepaid Visa Debit Card with Rewards

Electronic Artshas announced that it has "made it easier for loyal gamers to buy their favorite EA SPORTS™ titles with the launch of the first-ever EA SPORTS branded prepaid debit card. The reloadable prepaid debit card enables users to receive a percent back from every purchase at thousands of brick-and-mortar and online retailers to redeem points (“EA SPORTS Rewards Points”) that can be used to purchase select EA SPORTS game titles." “The EA SPORTS DebitSmart Visa® Prepaid Card is a great opportunity for us to offer our community of loyal customers a new way to purchase and save on their...

Western Union Launches Prepaid Visa Gift Cards

Western Union has launched a new Visa prepaid gift card and greeting card offering enabling consumers to send the gift of money using Western Union branded prepaid gift cards available at http://www.WesternUnion.com. "The launch of the Western Union prepaid Visa gift card complements Western Union's consumer experience when giving the gift of cash," said Stewart A. Stockdale, Executive Vice President and President, The Americas for Western Union. "As a leader in money movement, we understand what consumers need and want - convenience, fast and reliable money management solutions. Our new prepaid gift card and personalized greeting card offering follows the...

A Look at Meta Payment Systems

Meta Financial Group has reported its financial results for its third fiscal quarter of 2009. Included are the results of its Meta Payment Systems business unit, one of largest prepaid card issuers in the US. MPS quarterly revenue grew by 68%, up from $10.3 million in fiscal 2008 to $17.4 million in 2009. Non-interest income for the quarter more than doubled from $7.6 million in fiscal 2008 to $15.7 million, or 107%, in 2009. MPS said the growth in non-interest income was spread among its prepaid and credit programs.

A Look at Growth in Prepaid at Meta Payment Systems

One of the leading network-branded prepaid card issuers in the US is Meta Payment Systems, a subsidiary of Meta Financial Group. MFG reported financial results for the first quarter 2009 earlier today - and included a business segment breakout report for MPS. MPS' results included quarterly net income of $3.5 million and revenue of $36.4 million, up 139% from the same quarter last year. MPG also reported the filing of eight patents during the quarter (three provisional and five non-provisional and international) and 32 patents since the inception of MPS relating to the addition of functionality and ancillary products to...

A Look at Lower Fee Network-Branded Prepaid Cards

In today's Deal of the Day column on SmartMoney.com, Lisa Scherzer writes about "The Pitfalls of Prepaid Cards" - noting that "Prepaid cards may not come with the sky high late-payment fees or APRs of traditional credit cards, but they do carry a slew of other charges." She goes on to recommend four network-branded prepaid cards "whose fees are a little more palatable than others" - including two from MetaBank, the Wal-Mart Money Card issued by GE Money, and the new Current Debit Card by Discover.

Meta Payment Systems Partners with Fiserv, TransUnion for iAdvance

Meta Payment Systems has announced it has contracted with Fiserv and TransUnion "to enhance the next generation of its award-winning iAdvance product. The partnerships enable Meta to expand its short-term, small dollar loan alternative that is accessed immediately on a MetaBank-issued prepaid card." "Today's economic realities, coupled with limited access to responsive credit alternatives, have stretched the financially underserved consumer," said Trent Sorbe, Senior Vice President of Credit for Meta. "These same consumers have shown that they prefer our Simple, Sensible Credit(SM) philosophy over other credit options carrying indecipherable terms and exploitative billing practices. As we embark on the next...

Springbok Services, Visa Announce Prepaid Card Agreement

Springbok Services and Visa have announced an agreement that enables Springbok to offer Visa-branded prepaid card programs. According to Springbok, "the addition of the Visa brand allows Springbok to pass along Visa-specific advantages to its clients, which use Springbok prepaid cards for reward, incentive, promotion and rebate programs. Springbok prepaid card programs are designed to positively motivate behavior and enhance loyalty among corporate employees and/or their customers." Springbok prepaid card programs are tailor-made to support the business goals of each individual client. Human resource, sales, marketing and management professionals appreciate Springbok’s all-encompassing service offering, from program and card design to...

AAA Announces Enhanced Prepaid Card Program With Visa

AAA has announced it has enhanced its prepaid card products using Visa Inc. and MetaBank as key program partners. The new AAA Visa TravelMoney card and Visa Gift card are now available at participating AAA locations across the country. The AAA Visa TravelMoney card is a prepaid, reloadable Visa debit card, which offers travelers a safe and convenient alternative to travelers' checks and cash. The card can be used everywhere Visa credit cards are accepted, as well as ATMs around the world. Travelers using the AAA Visa TravelMoney card will also benefit from being able to obtain local currency at...

Meta Payment Systems Introduces iAdvance Credit Alternative

Meta Payments Systems has announced "the iAdvance Line of Credit for the millions of Americans who are unable to access affordable, small dollar credit." Patent-pending iAdvance integrates with select Meta-issued prepaid programs to create a complete value proposition for cardholders. In addition to the convenience and security of paying bills and making purchases with a prepaid card, customers can now easily borrow small amounts and have the money immediately available on their prepaid card. "For the first time, the prepaid card relationship encompasses every basic financial activity for the traditionally underserved consumer -- transactions, savings, bill payment, online account access...

The GreenPay MasterCard Credit Card

Fintura Corporation has announced the GreenPay MasterCard credit card - calling it "a new eco-friendly rewards credit card in the United States where the reward proposition goes directly toward the purchase and retirement of carbon credit offsets. The GreenPay MasterCard enables conservation-minded consumers to fight global warming with every card purchase." The card is issued by MetaBank. "We decided to do our part to reduce global warming by bringing to market an innovative credit card program to satisfy consumer demand for carbon neutrality," said Andrew Mathieson, CEO and Founder of Fintura Corporation. "We understand this is a small step towards...

FSV Payment Systems, Meta Partner with Parago

Parago, a provider of rebate, incentive and promotion solutions, has announced "FSV Payment Systems has been selected as a strategic partner for prepaid services. In the newly formed partnership, FSV Payment Systems will manage prepaid card processing while their partner, Meta Payment Systems will provide issuing bank services." This announcement is a pivotal step as Parago continues to expand its prepaid and promotional services solution offerings. This strategic decision will allow Parago to offer their clients an integrated, one-stop solution for comprehensive rebate, incentive and promotional programs. "After completing a rigorous selection process, we are confident that our selection of...

TIO Networks Launches Prepaid Cards at Exxon, Mobil Convenience Stores

ExxonMobil, along with TIO Networks Corporation and NetSpend Corporation, has announced the launch of the TIO Prepaid MasterCard at participating Exxon and Mobil convenience store locations across the United States. The card is issued by MetaBank. This spring, consumers in participating locations in the U.S. can purchase a TIO® Prepaid MasterCard and use TIO's automated self-serve kiosks to instantly activate the card and load it with funds. The cards will provide consumers the ability to make purchases or gain access to cash anywhere Debit MasterCard cards are accepted worldwide. "From the beginning of our relationship, ExxonMobil's management team has exhibited...

Who's News - Payments Professionals Management Changes

We have received news of the following recent management changes: Scott Galit has been named Executive Vice President of the Meta Payment Systems unit at Meta Financial Group. According to Meta, "Galit is a pioneer in the prepaid card industry and most recently was Senior Vice President of Global Prepaid Products at MasterCard Worldwide. Prior to joining MasterCard, Scott was SVP and GM of First Data Prepaid Solutions." Announce yourself! Have you recently taken on a new position in the payments industry? If you'd like to share the news with your colleagues, be sure to tell us about it. Are...

Debit Cards For Immigrants

Erika Hayasaki writes for the Los Angeles Times about the Sigo card - a prepaid MasterCard debit card designed for immigrants. Sigo cards are Issued by MetaBank and marketed by IDT Stored Value Services. More information about Sigo is available on their website.

A Look At SiGo

In an article titled 'Immigrants Wary of Banks Put Faith in New Card", Steven Greenhouse writes for the New York Times about SiGo, a prepaid MasterCard debit card issued by MetaBank and distributed by IDT Stored Value Systems. Greenhouse reports that cards are an "ideal tool for 30 million workers, both foreign-born and native, who lack bank accounts and often face high check-cashing fees and frustrating obstacles in paying bills."

Visa USA, MetaBank Launch Visa Prepaid Contactless Cards

Visa USA has announced "the launch of its first contactless prepaid cards, providing consumers a faster and more convenient way to pay and offering merchants increased revenue opportunities, increased throughput and improved customer loyalty. MetaBank will be the first financial institution to issue the cards." Beginning December 2006, the Visa Contactless prepaid cards became available to clients of Meta Payment Systems®, MetaBank’s prepaid card division. Like all Visa prepaid products, the Visa Contactless prepaid card can be used everywhere Visa debit cards are accepted, offering consumers a more secure, cost-effective and convenient alternative to cash and checks. The new Visa...

PAYjr Prepaid MasterCard For Teens

PAYjr, a free online money management system for teens, has announced it is now offering a prepaid MasterCard card, issued by MetaBank, as a companion to their online PAYjr service that helps parents teach their teenagers how to manage their allowance and develop better spending habits. “As young people begin to earn more disposable income, it is important that they learn how to effectively manage their finances,” says David S. Jones, CEO of PAYjr. “We are arming teens with a way to save money and make decisions on how to spend it wisely. Extending the PAYjr service with a prepaid...

Catwalk Distribution Offers Industry Debit Card For Models

Catwalk Distribution in partnership with Trycera Financial, has announced the Model Prepaid MasterCard, a "full service financial tool designed to help professional and aspiring models and actors manage their finances smarter, faster and safer than ever before." This exclusive card combines the powers of a prepaid card and the flexibility of a checking account all rolled into one. In addition there is a rewards program offering one point for every dollar spent. The card is issued by MetaBank pursuant to license from MasterCard International, Incorporated. "We are excited about the opportunity to work with Trycera on this venture," states Catwalk...