MasterCard Cardholders Reload Prepaid Cards At U.S. Walmart Stores Via Green Dot Network

MasterCard (NYSE:MA) and Green Dot (NYSE:GDOT) today announced an expanded relationship that allows all U.S. cardholders with MasterCard ® rePower™-enabled prepaid cards to reload their cards via the Walmart Rapid Reload™ service.

Walmart Rapid Reload utilizes the Green Dot® Network to provide cardholders with a fast and easy way to load funds directly to their cards by swiping their cards at any register at participating Walmart stores (not available in VT or WY). Cardholders can add funds directly to their prepaid account by using cash or a pre-printed payroll or government check. Cashier-added funds will be available for use by MasterCard rePower-enabled cardholders within minutes.

“The Green Dot Network strives to bring convenient and cost-effective loading options to our prepaid debit card partners by leveraging our relationships with our major retailers,” said Kostas Sgoutas, Chief Revenue Officer, Green Dot. “By providing more funding options, we are creating a better experience for the consumer, helping our prepaid partners achieve their goal of increased retention and driving additional foot traffic to our retail partners.”

The MasterCard rePower network is open to any MasterCard issuer of reloadable prepaid card programs. Portfolios such as the Univision MasterCard Prepaid Card will be able to offer their cardholders the new cash reload option through Walmart Rapid Reload.

“Prepaid products provide consumers with choices in how they manage and spend their money. In order to maximize the potential of prepaid, cardholders need to be able to conveniently and securely reload funds. Our expanded partnership with Green Dot now allows our cardholders to load funds to their prepaid cards at more than 4,000 Walmart stores that offer Walmart’s Rapid Reload service,” said MasterCard Group Executive of U.S. Market Development Craig Vosburg.

About MasterCard

MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate 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 @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news.

About Green Dot

Green Dot Corporation is a technology-centric, pro-consumer Bank Holding Company with a mission to reinvent personal banking for the masses. The company is the largest provider of prepaid debit card products and prepaid card reloading services in the United States, as well as a leader in mobile banking with its GoBank mobile bank account offering. Green Dot Corporation products are available to consumers at more than 80,000 retailers nationwide, online and via the leading app stores. The company is headquartered in Pasadena, California with its bank subsidiary, Green Dot Bank, located in Provo, Utah.

Copyright Business Wire 2010

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