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April 30, 2013 /PRNewswire/ -- Comerica Bank and MasterCard marked Financial Literacy Month with the addition of PayPerks as a complimentary financial education and rewards platform for all Direct Express® Debit MasterCard® cardholders.
The U.S. Department of the Treasury uses the Direct Express® Debit MasterCard program to disburse Social Security payments, Veterans' benefits, and other federal payments electronically, especially to those recipients for whom direct deposit is not an option. PayPerks rewards users for participating in a web- and mobile-based financial capability curriculum designed to foster positive financial behavior.
PayPerks has been customized to empower Direct Express® cardholders to use their cards in ways that maximize convenience and security, while also minimizing fees. The curriculum also addresses general financial topics, such as how to establish a savings plan and how to manage a household budget.
"The Direct Express® Debit MasterCard program has enabled Treasury to provide federal payments electronically, even to those without bank accounts, eliminating the need to print and mail millions of paper checks each month," said
Walt Henderson, Director, EFT Strategy Division at Department of the Treasury. "Beyond the savings Direct Express® offers taxpayers, it also provides recipients with a convenient means to receive their federal payments electronically and to pay bills or make purchases by telephone, on the Internet, or at the point of sale at no cost. Adding the PayPerks financial capability curriculum to Direct Express® increases the program's value even more, as it empowers cardholders to get the most benefit from their cards and to take control of their financial lives."
The PayPerks program is open to all Direct Express® cardholders. Since the PayPerks launch at the beginning of
April 2013, tens of thousands of Direct Express® cardholders have created PayPerks accounts and completed more than 100,000 educational modules and tutorials.
"We are thrilled by the cardholder response to the PayPerks launch in the Direct Express® program," said
Nora Arpin, Director of Government Electronic Solutions for Comerica Bank, the issuer of the Direct Express® card. "We believe the Direct Express® program offers great benefits to cardholders, and the PayPerks platform is an excellent way to deliver information about those benefits."
"The PayPerks curriculum is delivered in a fun and engaging way, in order to encourage participation," said
Andrew Gillen, Vice President at MasterCard. "The Direct Express® program already offers great advantages over paper checks—both to the government and to recipients. Adding PayPerks helps cardholders use their cards to the best advantage, while also increasing their general financial savvy, something that can pay dividends for a long time to come."
About PayPerks: PayPerks is a financial capability and rewards platform for the unbanked and underbanked. Its patent-pending rewards model fuses education with sweepstakes-based incentives in order to fuel behavior changes that are positive for consumers and profitable for financial service providers. Through PayPerks, card providers can curate a customized educational curriculum for their current and potential cardholders. Additionally, they can choose to award usage points for behaviors such as lowering their check cashing fees, linking their card to direct deposit or accumulating a rainy day fund in a prepaid account. Each point earned on PayPerks is automatically converted into the chance to win a cash prize. PayPerks gives away dozens of cash prizes each month. PayPerks is a privately owned for profit social venture based in
Manhattan, NY. More information can be found at
www.payperks.com. Follow us on Twitter @PayPerksB2B.
MasterCard (NYSE: MA),
is a global payments and technology company. It operates the world's fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard's products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter
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