A subsidiary of Total System Services, Inc. TSS, – NetSpend – recently announced the launch of Brink’s Prepaid MasterCard, in association with Brink’s Global Payments, LLC and MasterCard Incorporated MA. The card has been issued by BofI Federal Bank.
The card ensures a secure and stable money management solution to consumers by providing them access to several convenient and flexible features. These include direct deposit up to two days faster, 24×7 access to the consumers’ account with an online account center and smartphone apps, virtual cards meant for online shopping and free online money transfers to other cardholders.
Brink’s is a name that is quite popular in the prepaid card space. After piloting its card with consumers over the past nine months, Brink’s has witnessed a strong demand for its product.
Per an online survey conducted by the Federal Reserve Bank of Philadelphia, the rate of prepaid card ownership increased from 20% in 2012 to 25% in 2013. Moreover, it has been seen that the prepaid customers are keen on using cards from established and trusted brands. This is because these brands provide them with a suitable alternative to the traditional banking system by delivering best in class features, experience and value that not only help them manage their financial lives but also spend responsibly.
To capitalize on this opportunity and to create a system that would help consumers take advantage of all the benefits of electronic payments, the three entities have come together. Consumers, under this partnership, will be exposed to secure and convenient means of making purchases, tracking spending, setting budgets and so on. Thus, this partnership sets the stage for delivering superior service for the existing customers for Brink’s, Total System and MasterCard, and also attracting potential customers.
Total System currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the financial transaction services space include The Western Union Company WU and Ingenico S.A. INGIY. Both these stocks hold a Zacks Rank #2 (Buy).
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