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Billeo, NetSpend Announce Online Bill Pay Service for Prepaid Cards

Billeo and NetSpend have announced an online service designed to help consumers pay their bills using their NetSpend cards, giving them access to financial tools that the majority of Americans now enjoy. Under the terms of the agreement, consumers that have a NetSpend card will be able to access a searchable online directory of billers that accept the card. Billeo will also provide a free, downloadable toolbar to help cardholders manage their bills.

Millions of Americans lack or choose not to have traditional bank accounts. Many are currently locked out of the traditional banking system and use check cashing services and/or pay their bills in person with cash. NetSpend’s prepaid debit card is helping to change that dynamic. More than 75 percent of their cardholders indicate use of their cards to pay bills, and more than 50 percent choose to pay their bills online when available. This new service will help cardholders find billers that accept the card as payment online and quickly and easily make payments directly with their card.

“In this difficult economy, millions of Americans are being locked out of the traditional banking system because they just don’t qualify or can’t afford the fees banks charge for checking accounts and credit cards,” said Murali Subbarao, founder and CEO of Billeo, Inc. “This service is designed to give these consumers more control over their money. They can save valuable time and funds and can have access to more financial services and products than previously possible.”

The service, called the “Biller Directory,” will be available on www.netspend.com as part of NetSpend’s suite of Bill Payment Services. By clicking on the “Pay Bills” tab on the main menu of NetSpend’s website, cardholders will have access to more than 9,200 company websites where they can search for their billers and pay bills instantly with their card. Cardholders can also download a “Bill Management Toolbar” that will enable them to save their card information in a secure eWallet, save website passwords and automatically fill-in forms. In addition, Billeo’s Shopping Assistant will enable cardholders to easily save and search for online receipts.

“More Americans than ever are choosing to manage their money through financial products and services available online and on their terms,” said Dan Henry, CEO of NetSpend. “This agreement with Billeo provides our customers with more options for quickly paying bills and, ultimately, the freedom of being self-banked.”

The Billeo toolbar is available for download at http://www.Billeo.com. The service is free.

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