Green Dot Corporation will support Visa’s recently announced designation for consumer reload-able prepaid products in the U.S. The new designation aims at making prepaid cards more consumer friendly by simplifying and clarifying the fees consumers pay for the use of the cards. Green Dot is the largest provider of reloadable prepaid cards in the U.S. and its endorsement solidifies the statues of Visa’s new standards.
“Visa has chosen guidelines for their designation that align perfectly with how Green Dot has always structured our fee plans,” said Steve Streit, Green Dot’s Chairman and CEO in a release statement. “We believe it’s important for the prepaid card industry to provide affordable, fair products with clear and easy to understand fee disclosures. We applaud Visa’s announcement and hope to see the rest of the industry adopt these guidelines.”
To qualify for Visa certification, prepaid card programs must conform to a very simplified fee structure as well as a highly transparent disclosure protocol so users always know what they are paying for. Upon meeting the standards, cards will literally receive the Visa seal of approval in the from of a visual seal that will appear on the card.
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