Dive Brief:
- Green Dot Corp. and Wal-Mart have inked a five-year agreement that allows Green Dot Bank to continue issuing Wal-Mart MoneyCard prepaid, reloadable debit cards.
- Launched in 2007, the MoneyCard program is the largest general-purpose, reloadable prepaid card program in America, GreenDot says.
- Green Dot transactions are processed and cleared exclusively by MasterCard.
Dive Insight:
Green Dot will continue to manage and issue Wal-Mart MoneyCards under a new, five-year agreement with the low-price retailer. The company has worked with Wal-Mart since 2007 to issue prepaid, reloadable debit cards, and relies on the nation’s largest retailer for almost two-thirds (64%) of its revenues, according to 2013 statistics.
The largest general-purpose reloadable, prepaid card program in America was thought to be in play prior to the agreement, with American Express rumored as and alternative provider. Green Dot recently named MasterCard as its exclusive transaction processor and network gateway.