Wal-Mart is taking American Express’ Bluebird reloadable prepaid cards off its shelves following poor sales, according to an analyst at Jeffries.
“While we lack official confirmation, our channel checks indicate that American Express Bluebird reloadable prepaid cards are being removed from the approximately 80 Wal-Mart locations in Western states where the cards were being piloted,” wrote Jeffries’ Jason Kupferberg and Ramsey El-Assal this week.
Green Dot Corp., a competitor in the prepaid space, has seen its stock price increase by more than 11 percent in the last five days of trading. The firm generates more than half its revenues from its own partnership with Wal-Mart, according to Reuters.
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