The Brink's truck is backing up to MasterCard (so to speak).
The secure transportation and cash management company, in partnership with prepaid provider NetSpend, announced yesterday (April 6) the launch of the Brink’s Prepaid MasterCard. Issued by BofI Federal Bank, the card offers its users direct deposit up to two days faster (than traditional posting-after-funds rates), 24/7 online and mobile account access, virtual cards for online shopping and free online money transfers to other cardholders.
"We are excited about the opportunity to provide consumers with a prepaid card from Brink's, a name that's synonymous with trust and security," said Tom Schievelbein, chairman, president and chief executive officer of Brink's, Inc. "We've piloted our card with consumers across the U.S. over the past nine months and have seen strong demand, confirming the value of our product as well as our brand equity in the consumer space. We are eager to partner with NetSpend and MasterCard in this full commercial launch so that we can realize our vision of becoming the general purpose reloadable product of choice for underbanked families throughout America."
According to a survey by the Federal Reserve Bank of Philadelphia, prepaid card ownership in North America increased from 1 in 5 in 2012 to 1 in 4 in 2013. Brink's move into the general purpose reloadable prepaid market is notable for its potential to attach a familiar brand name to the fast-growing space.
"Prepaid customers are savvy, and they are looking for established, trusted brands they know will deliver the features, experience and value they need in a bank alternative," said Chuck Harris, president of NetSpend. "We are thrilled to deliver this valuable offering to consumers under our partnership."
"Prepaid cards empower those without traditional banking relationships by equipping them with the tools, resources and education to take control of their financial lives and spend responsibly," said Jeff Feuerstein, group head, U.S. Prepaid, MasterCard. "Access to reputable prepaid offerings from trusted brands such as Brink’s provide cardholders the opportunity to take advantage of all the benefits of electronic payments, including having a secure and convenient means of making purchases, tracking spending, setting budgets and more."