MasterCard rePower Strategic Agreement with Green Dot

Under the agreement, MasterCard and Maestro prepaid cards with MasterCard rePower functionality can be loaded through the Green Dot Network and Green Dot MoneyPak at over 40,000 retail locations nationwide, including Wal-Mart, CVS/Pharmacy, Walgreens, Rite Aid, and Radio Shack.

The MasterCard rePower point of sale network was launched last December as a solution to enable MasterCard prepaid cardholders to easily add money to their eligible prepaid accounts. It is targeted primarily towards the millions of Americans without a traditional banking relationship, a segment of the population that research firm Celent estimates to be 14 million households.

"We're excited to be working with Green Dot to expedite the availability of MasterCard rePower, providing us with a powerful vehicle for better serving consumers," said Ron Hynes, Vice President, MasterCard Worldwide. "In addition to the consumer benefits, we have designed the program with the best interests of our financial institution and merchant partners in mind. It allows card issuers to easily provide reload functionality to their prepaid card programs by using existing processing and settlement relationships with MasterCard, and also removes barriers for merchant participation by enabling retailers to process MasterCard rePower transactions through the Green Dot MoneyPak product sold at retailers nationwide. No point of sale changes or additional employee training is required."

As part of the agreement between the two companies, MasterCard rePower enabled cards will be reloadable through the Green Dot Network's MoneyPak product as well as through a one swipe technology via electronic POS device at select Green Dot retailers. In addition, Green Dot will provide management services for MasterCard rePower including merchant relationships and processing services. Full implementation of the program across the Green Dot Network is expected to be completed later this year.

"We're proud to partner with MasterCard rePower and help build critical mass for reloadable prepaid cards in the marketplace," said Steve Streit, CEO of Green Dot. "Enabling MasterCard rePower transactions across the Green Dot Network is consistent with our mission to be the leading provider of financial services to the large community of Americans underserved by traditional providers. We see this innovative and important partnership as a win for MasterCard, Green Dot, our retail partners and, most importantly, prepaid card customers who will benefit from the ease and ubiquity of reloading their cards through the Green Dot retail footprint."