It seems MetaBank is pleased with its partnership with Global Cash Card; the financial institution is extending the relationship for another few years.
Reports published on Monday (Feb. 8) said MetaBank’s Meta Payment Systems unit has extended its deal to collaborate with Global Cash Card to offer customers payroll card and digital payroll solutions.
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“Global Cash Card is a leader in the paycard industry by providing superior service to cardholders and an impressive list of employers,” said MetaBank President Brad Hanson in a statement. “We value our partnership and look forward to working with them to provide innovative payroll solutions for their customers.”
Separately, Global Cash Card Chief Operating Officer Joseph Purcell described MetaBank as “an exceptional business partner.”
The payroll card could be headed for a new era. Various regulatory efforts have taken aim at the notorious fees associated with these products, charging users for everything from taking money out at an ATM to holding an inactive card.
And while the market pressures payroll card issuers to reign in these fees, the payment instrument is also gaining ground as a solution for underbanked employees.
Mobile wallets like Apple Pay are also beginning to support payroll cards, potentially signaling a new generation of employee compensation technology.
Meta Payment Systems isn’t the only player working to upgrade the payroll card industry. Only days ago, payroll card firm SOLE Financial announced a partnership with Sage Payroll Services to link Sage’s corporate clients with access to SOLE’s payroll cards.
A recent interview with PYMNTS had SOLE Financial Director of Financial Institutions Erik Farleigh explaining how payroll cards can regain a positive image.
“There are a lot of misconceptions about our industry,” he said, “and one of them is that people tend to think that we are just like GPR [general purpose reloadable] cards, the ones that you see at retail, and those cards have fees, are not regulated, like a payroll card is.”