NetSpend, a prepaid cards and related financial services provider, has teamed up with Western Union to introduce a co-branded prepaid card in the US market.
Both firms will jointly develop the co-branded card’s custom features through NetSpend’s fully integrated payments platform.
The firms plan to deliver the card through a portion of their combined distribution networks later this year.
The companies will announce details about card pricing, features and availability after the release of the card.
NetSpend CEO Dan Henry said, "Combining the strengths of Western Union’s global brand and expertise in moving money with NetSpend’s deep prepaid knowledge and unique product capabilities, creates an incredible opportunity for us to better serve an underserved market.
"Our two companies share a commitment to giving customers more and better choices for managing their money," Henry added.
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By GlobalDataNearly 68 million US citizens are financially underserved or lack access to traditional forms of banking and many of these consumers are opting to prepaid cards to spend, save and manage their money, according to a report by the Center for Financial Services Innovation (CFSI).
