MasterCard has partnered with Green Dot and AARP Foundation, an
organisation that assists America’s older population
to market a prepaid card for the over 50s in the US.
The AARP Foundation Prepaid MasterCard can be
used for direct deposit of pay cheques and federal benefits
payments.
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Jo Ann Jenkins, AARP Foundation president,
said:
“Nearly twenty million people age 50+ do not
have adequate financial resources. Lack of access to well-designed
money management and savings vehicles can keep older underbanked
consumers from accumulating sufficient savings and retirement
funds.”
Cardholders will have the option to add a
savings account which will allow the transfer of funds directly
from the card.
The card will be used by The Bancorp Bank. The
online commercial bank will also issue the savings account.
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