The coronavirus pandemic, which led to widespread lockdowns worldwide, cut off a major distribution channel for prepaid cards such as those Green Dot issues. Many prepaid card users buy them off of "J hooks" that are typically near the checkout of a retail store.
But prepaid — as a category — is very malleable. Its audience may simply need a location to load cash, or a mobile app to transfer funds, to satisfy a growing range of use cases.
Over the course of the year, new consumers even came to Green Dot for an account to hold their stimulus funds, or to budget their bill payments, among many other use cases. And it's up to Green Dot to convince those new users to stay.
Host: Michael Moeser, Senior Analyst, PaymentsSource
Guest: Brandon Thompson, EVP of PayCard, Tax, Retail and Green Dot Network, Green Dot