Ready Credit Corp. launched a mobile-banking application that enables its prepaid cardholders to manage their funds using Apple Inc. iPhones and iPod Touch devices, according to the Eden Prairie, Minn.-based company.
ReadyCard Visa and MasterCard prepaid cardholders who download the free application can check their prepaid account balances, view transaction histories and find ReadyCard reload locations.
The company has no immediate plans to expand use of the application to other smartphones, such as Research in Motion Ltd.'s Blackberry Storm, "because we want to learn about acceptance and adoption before adding platforms," states a company spokesperson, who declined to disclose how many ReadyCard cardholders exist.
The application does not feature a reload option because "it's not a functionality that would serve this segment," states the spokesperson. Many cardholders are unbanked and "have no source from which to remotely transfer funds," she says.
Without a reload function, "it is a very vanilla tool," says Nick Holland, senior analyst for Aite Group, a Boston-based consulting firm. "It would have been quite unique if the ability to top up was there," he says.
Holland says he is unaware of any other smartphone application associated with a prepaid card.