Upstart prepaid services provider UniRush LLC has already said it’s been growing; when last we spoke to CEO Rob Rosenblatt, he mentioned that the number of RushCards being used by consumers had doubled from 2010 to 2012.
Now a new partnership could help the company continue its expansion: UniRush has entered into an exclusive, multi-year distribution agreement with Green Dot Corp., putting the RushCard directly on the shelf in select retailers across the country, including grocery and convenience store chains.
We asked Rosenblatt about the impact of the expansion on RushCard’s business, and for an update on how increased scrutiny from regulators is impacting the prepaid industry as a whole. His answers are below.
PYMNTS.com: Let’s talk nuts and bolts. Who had been distributing RushCard before, and through what channels?
UniRush CEO Rob Rosenblatt: RushCard has only been available online through RushCard.com and via phone through our servicing centers. Now, consumers will have access to RushCard at many of their favorite retailers nationwide.
How does this deal grow RushCard’s exposure to consumers?
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The introduction of RushCard through the retail channel is expected to significantly expand UniRush LLC’s customer base. We’ve always been committed to meeting the needs of our dynamic and growing customer base, and now, we’re providing them with greater flexibility and convenience by allowing them to purchase RushCard at many of their favorite retailers across the country.
How does the potential growth from this deal impact RushCard’s plans for the future?
We remain committed to our mission of enhancing our members’ financial lives by offering innovative products and services that help them achieve their goals. The growth expected from this deal only increases our ability to innovate and offer a range of products tailored to the unique needs of our various customer segments.
What are some other features you have cooking for RushCard?
Over the next several months we will be collaboratively assessing what the best RushCard product is, including features, service, and pricing, for the consumer that is most likely to look for RushCard at retail. We will continue to offer a range of card designs, features and fee plans to meet our members’ needs, through all of our channels. We are continuously evaluating features that will enhance our customers’ experience in using our products.
The first half of 2012 seems to have brought a good amount of regulatory attention to the prepaid industry. What has the result of that been? What’s ahead?
RushCard supports the Consumer Financial Protection Bureau’s efforts to regulate the prepaid industry. We see this as good for our customers, as well as our business. With a level playing field, the industry can collectively improve upon the product. We hope to continue to play a proactive role with the CFPB and to see the industry build relationships with customers on a foundation of trust and transparency.
What’s ahead for all of prepaid over the balance of 2012, and into next year?
It’s an exciting time to be in prepaid. The customer need for alternative payment solutions continues to grow and the industry continues to respond to that demand. As with any industry experiencing tremendous growth, there is also tremendous change ahead as the regulatory, competitive, and distribution landscape continues to evolve. The companies that will be successful will be those that are the most innovative and responsive in meeting the needs of customers.
Executive Bio:
Rob Rosenblatt was appointed Chief Executive Officer of UniRush LLC, marketers of The Prepaid Visa RushCard in September 2011. In his role, Rosenblatt works to accelerate development of innovative products for RushCard members, grow industry partnerships, and improve customer loyalty.
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About UniRush:
Headquartered in Cincinnati and New York City, UniRush LLC provides members with access to services that enable them to achieve their personal and financial goals. The RushCard offers the more than 60 million Americans without access to a traditional banking relationship an array of basic financial services via the Prepaid Visa RushCard.
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