RICHMOND, Va., AUSTIN, Texas & PURCHASE, N.Y.--(BUSINESS WIRE)--Brink’s Global Payments, LLC, in partnership with NetSpend, a TSYS company (NYSE: TSS), and prepaid provider of choice to self-banked consumers and the brands that serve them, today announced the launch of the Brink’s Prepaid MasterCard® issued by BofI Federal Bank. The Brink’s prepaid card appeals to consumers seeking peace of mind from a secure and stable money management solution. Consumers using the Brink’s card have access to many convenient and flexible features to accommodate their busy, on-the-go lives, including direct deposit up to 2 days faster1, 24/7 access to their account with an online account center and smartphone apps, virtual cards for online shopping and free online money transfers to other cardholders.
“We are excited about the opportunity to provide consumers with a prepaid card from Brink’s, a name that’s synonymous with trust and security. We’ve piloted our card with consumers across the U.S. over the past nine months and have seen strong demand, confirming the value of our product as well as our brand equity in the consumer space,” said Tom Schievelbein, chairman, president and chief executive officer of Brink’s, Inc. “We are eager to partner with NetSpend and MasterCard in this full commercial launch so that we can realize our vision of becoming the general purpose reloadable product of choice for underbanked families throughout America.”
The move by Brink’s into general purpose reloadable prepaid cards is the company’s latest push in the North American consumer payments market and brings a respected and familiar consumer brand to a high-growth market. Rates of prepaid card ownership jumped from one in five in 2012 to one in four in 2013 among respondents to an annual online survey conducted by the Federal Reserve Bank of Philadelphia2.
“Prepaid customers are savvy, and they are looking for established, trusted brands they know will deliver the features, experience and value they need in a bank alternative,” said Chuck Harris, president of NetSpend. “We are thrilled to deliver this valuable offering to consumers under our partnership.”
“Prepaid cards empower those without traditional banking relationships by equipping them with the tools, resources and education to take control of their financial lives and spend responsibly,” said Jeff Feuerstein, group head, U.S. Prepaid, MasterCard. “Access to reputable prepaid offerings from trusted brands such as Brink’s provide cardholders the opportunity to take advantage of all the benefits of electronic payments, including having a secure and convenient means of making purchases, tracking spending, setting budgets and more.”
NetSpend is the exclusive program manager and processor for the Brink’s prepaid card, issued by BofI Federal Bank, Member FDIC.
The new Brink’s Prepaid MasterCard® is now available at www.brinksprepaidmastercard.com.
1 Faster access to funds is based on comparison of NetSpend’s immediate availability policy versus the typical banking practice of posting funds only after settlement. Direct deposit and faster direct deposit capability is subject to payor’s support of the feature and timing of payor’s funding.
2 Federal Reserve Bank of Philadelphia, “Millennials with Money: A New Look at Who Uses GPR Prepaid Cards,” Susan Herbst-Murphy and Greg Weed, September 2014 (http://www.phil.frb.org/consumer-credit-and-payments/payment-cards-center/publications/discussion-papers/2014/D-2014-Millennials.pdf)
About The Brink’s Company
The Brink’s Company (NYSE:BCO) is the world’s premier provider of secure transportation and cash management services. For more information, please visit The Brink’s Company website at www.Brinks.com or call 804-289-9709.
About NetSpend, a TSYS Company
NetSpend is the prepaid provider of choice to self-banked consumers and the brands that serve them. With a mission to empower consumers with the convenience, security and freedom to be self-banked, NetSpend’s products have helped over 10 million consumers spend, budget and pay bills since 1999. Consumers can reload and find NetSpend Prepaid Cards at convenient locations nationwide through NetSpend’s extensive network of 130,000 reload points and more than 85,000 distributing locations and employers, including check cashers, convenience stores, grocers, pharmacies, insurance providers and tax preparers. Headquartered in Austin, Texas, NetSpend is a wholly owned subsidiary of TSYS (NYSE: TSS). For more information, please visit www.netspend.com, or follow NetSpend on Twitter at twitter.com/NetSpend or on Facebook at facebook.com/NetSpend.
About BofI Federal Bank
BofI Holding, Inc. (NASDAQ: BOFI) is the holding company for BofI Federal Bank, a nationwide bank that provides financing for single and multifamily residential properties, small-to-medium size businesses in target sectors, and selected specialty finance receivables. With approximately $5.2 billion in assets, BofI Federal Bank provides consumer and business banking products through its low-cost distribution channels and affinity partners. BofI Holding, Inc.'s common stock is listed on the NASDAQ Global Select Market under the ticker symbol BOFI and is a component of the Russell 2000® Index and the S&P SmallCap 600® Index. For more information on BofI Federal Bank, please visit www.bofifederalbank.com.
MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Pioneers Blog and subscribe for the latest news on the Engagement Bureau.