AUSTIN, Texas, Feb. 14, 2012 (GLOBE NEWSWIRE) -- NetSpend Holdings, Inc. (Nasdaq:NTSP), a leading provider of general-purpose reloadable (GPR) prepaid debit cards and related financial services, today announced the launch of the PayPal Prepaid MasterCard®.
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"PayPal has chosen us to be the exclusive program and distribution manager and processor for their GPR card," said Dan Henry, chief executive officer of NetSpend. "We are marketing the PayPal prepaid card online and through our direct mail channels. Through this relationship, we are able to offer the prepaid card to PayPal's 106 million active users."
The PayPal Prepaid MasterCard must be linked to a PayPal account to enable cardholders to have full access to the card's online functionality and features. Offline, the card can be used to withdraw cash from ATMs while money can be loaded onto the card through direct deposit or at more than 100,000 reload locations throughout the U.S. The PayPal prepaid card is competitively priced and offers many features including online Payback Rewards, an optional savings account, real-time account alerts via text message* and online budgeting tools. The PayPal prepaid card can be ordered online at www.paypal.com/prepaid.
"The PayPal Prepaid MasterCard brings PayPal customers even more financial flexibility and choice for both online and brick-and-mortar purchases," said Don Kingsborough, vice president and general manager of retail and prepaid at PayPal.
This card is issued by The Bancorp Bank, a wholly owned subsidiary of The Bancorp, Inc. (Nasdaq:TBBK), pursuant to license from MasterCard International Incorporated. The Bancorp Bank; Member FDIC. MasterCard is a registered trademark of MasterCard International Incorporated.
*Standard text messaging rates from your wireless supplier may apply.
NetSpend is a leading provider of general-purpose reloadable (GPR) prepaid debit cards and related financial services to the estimated 60 million underbanked consumers in the United States who do not have a traditional bank account or who rely on alternative financial services. The Company's mission is to develop products and services that empower underbanked consumers with the convenience, security and freedom to be self-banked. Headquartered in Austin, TX, NetSpend is traded on the NASDAQ stock exchange under the symbol NTSP. Please visit http://www.netspend.com for more information.
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About The Bancorp Bank Payment Solutions Group
The Payment Solutions Group is a division of The Bancorp Bank ("Bancorp"), a wholly owned subsidiary of The Bancorp, Inc., and is a leading issuer of network branded prepaid cards and has consistently delivered outstanding results for its program partners. Long-standing relationships with card associations and industry leading networks and processors are the key to the organization's success. For more information about The Bancorp Bank Payment Solutions Group visit www.thebancorp.com
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CONTACT: Media Contacts: Krista Shepard NetSpend Corporation (512) 531-8732 firstname.lastname@example.org Suzanne Dawson for NetSpend Linden Alschuler & Kaplan, Inc. (212) 329-1420 office (908) 242-7162 cell email@example.com