Payments News from Glenbrook Partners
Glenbrook   Book   Education   Views   Archives   Store   Advertise   About         SUBSCRIBE:

NetSpend Forms Emerging Markets Channel For US Hispanics

NetSpend Corporation has announced the formation of an Emerging Markets Channel that it says is based on a memorandum of understanding recently entered into by NetSpend and Procesa International, LLC for the acquisition by NetSpend of Procesa International's assets.

NetSpend is introducing two new international products created to help serve the needs of the unbanked and underbanked U.S. Hispanic market. Procesa International will 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. These products will 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 widespread domestic services across borders, and aims to empower and provide premier financial services to the unbanked and underbanked U.S. Hispanic market, estimated at 40 million consumers.

The introductory product offerings through this channel include international wireless recharge and international billpay, allowing the Hispanic consumer in the U.S. to add minutes to an international cell phone or pay a family member's bill in Latin America.

Patrick Brown has been brought on as Executive Vice President, Emerging Markets and 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. Prior to his role at Procesa International, Patrick served as President of Euronet Payments and Remittance, Inc., a wholly-owned subsidiary of Euronet Worldwide, Inc. Patrick joined Euronet subsequent to its acquisition of Continental Transfer (now Euronet Payments and Remittance Inc.) in 2005. Prior to such acquisition, Patrick was a co-founder of Continental Transfer and served as its chief operating officer. In 2006, Patrick was named honorary vice consul for the Mexican consulate, the first position of its kind in the United States. Patrick Brown and the Emerging Markets Channel are based in Charlotte, North Carolina.

"We are very excited to expand our suite of services and partner offerings to include cross-border products," said Daniel R. Henry, Chief Executive Officer of NetSpend. "The formation of our Emerging Markets Channel and the strong leadership behind it ensures our commitment to the U.S. Hispanic market, and we look forward to introducing new products, services and partnerships in the coming year."

Add your comment... (note that all comments are reviewed before they're published)

Feed You can follow this conversation by subscribing to the comment feed for this post.

If you have a TypeKey or TypePad account, please Sign In

Glenbrook Partners

PAYMENTS NEWS IS PRODUCED BY AND IS A SERVICE MARK OF GLENBROOK PARTNERS, LLC
ISSN 1556-4487

Glenbrook's Consulting Services

  • Innovation and Strategy
  • Payments Product Development
  • Payments Market Assessments
  • Payments Vendor Selection
  • Merchant Payments Optimization
  • Payments Risk Management
  •  
  • To discuss how Glenbrook can
    help you
    , email us:

Glenbrook's Payments Education

  • Payments Boot Camps
  • Payments Essentials Webinars
  • Private Payments Workshops
  •  
  •  
  •  
  •  
  • For more information on Glenbrook's payments education, email us:

Tools for Payments Professionals

  • Glenbrook Writings
  • Payments News
  • Payments Views
  • Payments Jobs
  • Payments Education
  • Payments Bookstore
  •  
  • To send us news that you'd like us to cover on Payments News, email us:

Contacts:                        
Compilation Copyright © 2002 - 2014 Glenbrook Partners LLC. All Rights Reserved.
Terms of Use        Privacy Policy        RSS Feed        Payments News RSS Feed

Subscribe to Payments News   

Follow Payments News on Twitter for Real-Time Updates