The J.G. Wentworth Company, a diversified consumer financial services firm, has entered the prepaid card market with the launch of the J.G. Wentworth Cash Now Visa Prepaid Card.
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The new card is a general purpose reloadable (GPR) card that offers the benefits of a debit card and can be accessed regardless of credit rating or income.
It also offers reload capabilities through direct deposit and participating retail agent reload locations, allows online shopping or bill payment, offers access to cash from ATMs as well as ensures purchase and fraud protection.
The company said that the new product is aimed at facilitating the structured settlement payment purchasing business through use of reward-based prepaid programs that support customer acquisition and retention efforts.
It will provide prepaid cards to customers instead of a paper check to improve efficiency and access to funds.
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By GlobalDataThe company further intends to foray into the incentive category, partner with distribution networks, and expand partnerships to strengthen its prepaid products portfolio.
J.G. Wentworth Company CEO Stewart Stockdale said: "The launching of our new prepaid program is the continuation and further evidence of our diversification strategy.
"We have identified the most powerful ways to make an impact and rapidly become a leader in new areas. As a natural extension of our business, prepaid cards provide us with an opportunity to address the needs of our customers.
"In addition, we are uniquely positioned to leverage the power of our brand’s 72% aided national awareness to reach even more customers seeking personal financial solutions from an established diversified consumer financial services company."
