Developed in partnership with TransCard, a prepaid card processing provider, and MasterCard Worldwide, the new program is set to enable community banks to provide their customers with various prepaid MasterCard card products, including general purpose reloadable, payroll and gift cards.
Moreover, the program allows bank customers to use FDIC (Federal Deposit Insurance Corporation) prepaid cards to pay employees, support college students or help young people learn to budget their finances. In addition, cardholders will be able to use their mobile phones to pay bills, check their balances and receive text messages when there is a transaction on their account or their balance is low.
According to a 2010 study conducted by the Boston Consulting Group and commissioned by MasterCard Worldwide, total global prepaid spending is expected to reach USD 840 billion by 2017, of which USD 442 billion is expected to be spent in the US.
Most recently, MasterCard and global non-bank ATM operator Cardtronics have entered a partnership to enable Prepaid MasterCard issuers and program managers to expand their offerings through the Cardtronics-operated Allpoint network.
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