2013 Paybefore Awards Category 3A: Best General Purpose Reloadable Card Program-U.S. Solutions
Best use of a consumer-funded reloadable network branded prepaid card* for general use, such as ATM access and purchasing. Includes travel, remittance and youth-focused (including campus and student) programs; excludes payroll programs.
Program Name: PayPal Prepaid MasterCard
Company Names: PayPal, MasterCard
The PayPal Prepaid MasterCard is the only prepaid card that can link automatically to PayPal’s digital wallet through online registration. PayPal’s prepaid card provides the opportunity for the underbanked and unhappily banked consumers to engage with a feature-rich prepaid card and a digital wallet, both transacting safely and securely. In addition, the prepaid card enables consumers familiar with the PayPal wallet functionality to shop “offline” in more than 100,000 retail locations, whereever MasterCard Debit is accepted.
Launched: Direct channel in January 2012, retail in June 2012
Differentiators: 5% savings account; for 12 months, secondary cardholders receive a monthly life insurance benefit equal to the amount the primary cardholder direct deposited during last 30 days; merchant rewards, budgeting tools, financial literacy, online checks and money orders, companion cards, refer-a-friend incentives
Fees: $4.95 purchase fee, $4.95 monthly fee, $3.95 bank transfer fee, $3.95 (maximum) reload network fee, 50¢ ATM balance inquiry fee, $1.95 in-network ATM withdrawal, $1.95 plus bank fee out-of-network ATM withdrawal, $2.50 OTC withdrawal, up to $9.95 MoneyGram Express Bill Payment, $4.95 inactivity fee, $5.95 paper statement fee
Pitch: PayPal brings the best of prepaid functionality and use, the best brand awareness and trust, the best opportunity to expand prepaid usage beyond the typical segment and channels, and the best possible leader in the digitization of payments by incorporating a cloud-based wallet and mobile solution.
Program Name: Access 360° Prepaid MasterCard
Company Names: Fifth Third Bank, MasterCard
Access 360° is a reloadable prepaid MasterCard offered by Fifth Third Bank to new and existing customers. Access 360° is a transactional-based account that allows customers to easily purchase items and access cash. For some consumers, it can take the place of a traditional checking account.
Launched: Oct. 9, 2012
Differentiators: The level of integration into existing financial center systems provides customers with an enhanced customer service experience. Pricing is clean and straightforward with minimal fees.
Fees: $7 monthly maintenance fee (reduced to $4 for checking account customers or if $500+ loaded to card monthly), $2 out-of-network ATM fee, $5 international ATM fee, $2 CSR calls (two free per month)
Pitch: Access 360° Prepaid MasterCard was built for and by the customer. We worked diligently with our customer base to identify their needs and then built a product that fit into their everyday lives. Access 360° provides a strong checking alternative for a low monthly fee. Customers can manage their entire financial life with one simple-to-use card and never fear overdrafts or other customer risks. The card comes with zero liability, purchase assurance, extended warranty and FDIC insurance—all aimed at keeping the customer’s finances safe and easy to manage. Access 360° is also integrated into our customer-facing applications, enabling customers to manage their card via online banking and our mobile application.
Program Name: KAIKU Visa Prepaid Card
Company Name: Kaiku Finance
The KAIKU Visa Prepaid Card is available exclusively on Kaiku.com and can be used anywhere Visa debit cards are accepted. The KAIKU Card is affordable, transparent and feature-rich, with a sleek and stylish design.
Launched: July 31, 2012
Differentiators: Adopted CFSI fee box, Progressive Insurance-style fee comparison tool, free apps for all three major smartphone operating systems, one primary card and three secondary cards can access funds from one account and 50,000 surcharge-free ATMs
Fees: $1.95 monthly fee, 95¢ ATM decline fee, $1.45 out-of-network ATM withdrawal fee, 95¢ out-of-network ATM balance inquiry fee, $4.95 OTC withdrawal fee, $2.95-$4.95 network load fee
Pitch: Radically changes the consumer GPR paradigm by establishing a new normal, while making prepaid attractive as a lifestyle choice for a much broader and more diverse demographic. Kaiku Finance created a program whose cornerstones are low cost, transparency, and a sophisticated, high-end design—epitomizing a lifestyle brand.
Program Name: Green Dot Prepaid Card
Company Name: Green Dot Corporation
Green Dot developed and cultivated the prepaid industry at retail beginning in 2001. Today, the Green Dot card is a leading prepaid card brand. It is sold at more than 60,000 retail locations as well as online and is supported by significant national TV marketing. Green Dot cards are known and trusted by consumers—offering features customers want at fair prices without any hidden fees.
Differentiators: The program’s heritage, scale and well-developed marketing programs set it apart from all other GPR offerings on the market in the U.S. The simple fee plan is available from the GreenDot.com homepage “above the fold” and prominently on the package. The mobile site also has promotional pages linked to QR codes that have/will be placed on in-store signage or coupons. The mobile app allows cardholders to access their balance, find nearby reload locations and find free MoneyPass ATM locations.
Fees: Monthly Fee: $4.95 (waived when the cardholder reloads $1,000 or makes 30 qualified purchase transactions in any billing cycle); cash reload via swipe reload at the register or MoneyPak: $4.95 or less; additional personalized card fee/lost stolen replacement fee: $4.95; foreign transaction fee: 3%; cash withdrawals and balance inquiries at MoneyPass ATMs are free. Cash withdrawals at non-MoneyPass ATMs are $2.50 plus ATM owner fees. Free cash back with purchase where offered by the retailer. Balance inquiry 50 cents at non-MoneyPass ATMs. Cardholders can get the card free online or at several retailers, including Rite Aid, Pantry and Kmart.
Pitch: (1) Leadership: founded in 1999, the corporation has been the category creator, innovator and leader in crafting reasonable solutions for the financially underserved. (2) Scale: Green Dot acquires new consumers in four retail channels, online and on their phones. And with a network of cash reload locations more than 60,000 strong, the card experience for customers is extremely convenient. (3) Promotions: Green Dot invests more than any other GPR program in retail marketing and TV media. This pays off in high brand awareness, strong brand affinity and trust, and driving new card sales and cardholder retention.
*For Paybefore’s purposes, card may mean a physical card or alternate form factor, including a virtual card.
The information provided above was excerpted from Paybefore Award nominations provided by the Nominator. Paybefore has not conducted any independent investigation as to the accuracy or completeness of the submitted information and makes no representation or warranty as to the accuracy, completeness or authenticity of such information. All content is provided on an “as-is” basis.
Nominators have agreed to the rules of Paybefore Awards Submission & Eligibility Requirements, which are part of the Paybefore Awards Call for Nominations.
Programs with an in-market start date after Sept. 30, 2012, requested and received a participation waiver from Paybefore.