Value-added electronic payments provider enables real-time account-to-account payments for NetSpend prepaid debit cards
PORTLAND, Oregon – MobilityWire® – December 21, 2009
With prepaid debit cards surging in popularity, Vesta Corporation, a global pioneer and leader in electronic payments, today announced the launch of an innovative Web reload service for NetSpend Corporation, a leading provider of card-based prepaid financial products to underbanked consumers. Powered by Vesta’s payment technology, this industry-first service lets NetSpend customers immediately add funds to their prepaid debit cards from bank issued debit cards.
According to a newly released forecast by the Maynard, Mass.-based research firm Mercator Advisory Group, the market for prepaid cards looks extremely dynamic over the next few years. In its 2009-2012 forecast Mercator predicts general-purpose reloadable cards will reach $118.5 billion in loads by 2012 versus $8.7 billion in 2008.
“NetSpend works to give our cardholders the products and tools to make managing their financial lives easy, convenient and secure,” said Dan Henry, chief executive officer of NetSpend. “We turned to Vesta because of their reputation and track record. Vesta’s payments and transaction technology allowed NetSpend to quickly implement this new convenient and secure channel our cardholders can use to reload their cards.”
NetSpend cardholders can now add up to $250 to their prepaid debit cards from any bank debit card. Unlike other online reload services, new funds are added in real-time to the cardholder’s account, making funds immediately available. Other online reload services can take as long as five days for funds to be ready for use. With Vesta managing online reload transactions, NetSpend cardholders can now reload their prepaid debit cards without having to visit a point of sale location.
Vesta’s program includes an innovative gifting feature that allows a customer to invite friends and family to contribute to a prepaid account. Invitations are delivered by email and include a link to begin the reload process. If desired, contributors can set up an account to expedite future reloads, further simplifying these person-to-person payments.
Vesta’s technology includes proprietary account verification and risk management practices that enable the provider to fully fraud-indemnify NetSpend from any costs resulting from fraudulent transactions. In addition, Vesta brings full PCI Data Security Standard (PCI DSS)-compliant payment processing to Web reloads.
“As an innovator in value-added payments services, Vesta brings a unique perspective to evolving industry needs,” said Doug Fieldhouse, Vesta’s president and CEO. “Vesta plans to work with NetSpend to develop new products for the rapidly growing number of prepaid debit card customers.”
About NetSpend Corporation
NetSpend Corporation is one of the leading providers of prepaid debit cards in the United States. A pioneer in the industry since its inception in 1999, NetSpend prepaid debit cards offer financial freedom and convenience to the more than 100 million underbanked consumers in the United States. NetSpend is the only company in the prepaid debit industry to offer an end-to-end solution for consumers and merchants with a proprietary processing platform, card fulfillment, customer service and risk management capabilities. More information about the company can be found at www.netspend.com or by following the company on Facebook or Twitter.
About Vesta Corporation
Headquartered in Portland, Oregon, with operations in Europe and China, Vesta has been a pioneer and worldwide leader in electronic payment solutions since 1995. Vesta has established long-term, successful relationships with leading financial and telecommunications companies including AT&T, Boost Mobile, Bank of China, Bank of Ireland, Chase Paymentech, China Mobile, China Telecom, Metavante, NetSpend, O2, Sprint, T-Mobile, Verizon, Visa, and Vodafone. For more information, visit www.trustvesta.com.
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