On Sept. 2, 2014, leader in the prepaid card industry – MetaBank – announced that it had signed a partnership agreement with Card Limited, in order to issue the latter’s general purpose reloadable (GPR) cards, which are distributed via Card Limited’s online and affiliate channels. Based out of Utah, Card Limited provides financial products and services for unbanked as well as underbanked consumers.
“This partnership with MetaBank will continue Card Limited’s goals of driving ongoing value to its consumers and clients alike. The work that MetaBank does is work that we can get behind,” commented Christopher Scanlon, President of Card Limited. “We're two companies with similar visions and goals, so it's a fitting match,” he added.
Card Limited (CLC) states that it offers services to a network of consumers that utilize prepaid debit cards and do not have, do not wish to have or are unable to open a traditional bank account or use traditional financial services.
- At the moment, there are 60 Mn unbanked and underbanked consumers in the U.S who are currently not being fully served by the traditional banking system.
- CLC seeks to provide an innovative alternative for these users and create an interactive network of consumers.
- MetaBank delivers innovative financial products that change the way people use, borrow and manage money through its Meta Payment Systems (MPS) division.
- MPS is Based in Sioux Falls, South Dakota and is a recognized leader in the prepaid card industry.
- The company focuses on offering specific product solutions in the areas of: credit products, prepaid cards, ATM sponsorship and ACH origination.
"We've enjoyed a great working relationship with Card Limited and we look forward to taking that partnership to the next level," stated Brad Hanson, President of MetaBank, in the same release. "Our values and our desire to provide financial inclusion for everyone align very well in the work we plan to continue to do together."
The amount of money loaded onto prepaid cards more than doubled between 2009 and 2013, from $57 billion to $113 billion, according to Mercator Advisory Group. With increasing competition, the star power of celebrities such as Suze Orman and Justin Bieber has becomes key for companies to get their prepaid cards into the media. RushCard, founded in 2003, is one such card, from the music mogul Russell Simmons. On Aug. 27, 2014, Meta Payments Systems (a division of MetaBank), a leading issuer of prepaid cards, announced that it had entered into an agreement with UniRush to issue the Prepaid RushCard.