Green Dot has re-launched its prepaid money card product MoneyPak as part of its strategy to achieve $1.75 in non-GAAP EPS in 2017.
The company decided to stop selling MoneyPak product in early 2015 after reports emerged that swindlers are using the offering to conduct both online and telephone scams.
Go deeper with GlobalData
It is believed that the move shrunk the company’s operating revenue by $10m to $40m.
MoneyPak can be purchased by the consumer in the same way as any Green Dot product. Then, the consumer needs to visit MoneyPak.com to redeem the value on the MoneyPak and load the funds onto any eligible prepaid card.
Green Dot said that the product started rolling out to its network of retail locations this month and will continue to rollout in additional retailers throughout the year.
Green Dot chairman and CEO Steve Streit said: "With the return of MoneyPak to store shelves, prepaid cardholders from any of the approximately 300 programs that are part of our reload network can once again use MoneyPak to reload their own prepaid accounts or those of family members, children away at school, or remote workers.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData"Consumer demand for MoneyPak was always strong as it was one of our best selling products prior to its sales being suspended while we designed a new system for mitigating the potential for misuse of the product."
