Prepaid cards

The prepaid card firm and banking-as-a-service provider extended its contract with its largest BaaS client in Q2 despite a July consent order from the Federal Reserve.

The payment option has grown beyond underbanked consumers. For issuers, a $1 trillion market is at stake.

Roy and Bertrand Sosa have retaken control of Netspend to combine it with their other firm, Rev Worldwide, to build the companies into an international financial services provider.

Bank-issued prepaid benefits cards were supposed to help state governments deliver these funds more efficiently. But the pandemic scrambled the economics of these programs.

A handful of snafus, some a decade old, shouldn’t tar an entire line of payment products that are a lifeline for many consumers and have helped millions of Americans access and manage their finances during the COVID-19 pandemic.

Stored-value cards are growing in popularity with underbanked gig workers who need an easier way to get paid as well as with younger consumers in Canada who have traditional bank accounts but prefer the cards for e-commerce transactions.

Changing the retailer's prepaid card into a demand deposit account gives customers access to more digital banking tools.

Bank of America was ordered by a judge to change its practices after thousands of unemployed California customers receiving public benefits complained that when their prepaid debit cards were hacked, the bank made matters worse by treating them like criminals.

Integrated payments provider Financial Software and Systems is targeting the expected increase in international travelers as the pandemic eases by enabling issuers to provide branded programs on FSS' prepaid multi-currency card.

Gift card giant Blackhawk Network has partnered with Bakkt, which offers an app to manage various digital currencies.