AUSTIN, Texas, June 28, 2012 (GLOBE NEWSWIRE) -- As part of its retail expansion plans, NetSpend Holdings, Inc. (Nasdaq:NTSP), a leading provider of general-purpose reloadable (GPR) prepaid debit cards and related financial services, today announced that the PayPal Prepaid MasterCard® card is available at 7-Eleven, Inc.'s participating franchised and company-operated stores nationwide. 7-Eleven is the premier name and largest chain in the convenience retailing industry.
"Because of our current partnership with 7-Eleven, the convenience store company will be the first major retailer to offer the PayPal prepaid card to consumers throughout the U.S.," said Dan Henry, chief executive officer of NetSpend.
"We are expanding our current offering of alternative financial services because we see an increased demand for this type of product in our stores," said Jesus Delgado-Jenkins, 7-Eleven's executive vice president for merchandising, marketing and logistics. "Our customers are seeking choice and convenience when it comes to buying a prepaid card. We are selling the PayPal prepaid card because the brand already resonates with many consumers who want more financial flexibility and alternatives to traditional retail banking."
The PayPal Prepaid MasterCard card is being sold now and will be available at approximately 5,500 stores upon full rollout of the product this year. Cardholders also can reload cash on their PayPal prepaid cards at these 7-Eleven locations.
"We're thrilled to bring the PayPal prepaid card to a nationally recognized retailer like 7-Eleven, giving our customers more flexibility and control over their money," said Don Kingsborough, vice president and general manager of retail and prepaid at PayPal. "7-Eleven is just the beginning for the PayPal prepaid card – we are excited to roll it out to additional brick-and-mortar retailers this year."
The PayPal Prepaid MasterCard card can be used for online and in-store purchases wherever Debit MasterCard is accepted. The card can also be used to withdraw cash from ATMs while money can be loaded onto the card through direct deposit or at more than 130,000 reload locations through the U.S.
The card must be linked to a PayPal account to enable cardholders to have full access to the card's online functionality and features, including online Payback Rewards, an optional savings account, real-time account alerts via text message* and online budgeting tools.
The funds on the PayPal Prepaid MasterCard card are FDIC insured through The Bancorp Bank; Member FDIC. MasterCard is a registered trademark of MasterCard International Incorporated.
These cards are issued by The Bancorp Bank, a wholly owned subsidiary of The Bancorp, Inc. (Nasdaq:TBBK), pursuant to license from MasterCard International Incorporated. The Bancorp Bank; Member FDIC.
*Standard text messaging rates from your wireless supplier may apply.
About NetSpend
NetSpend is a leading provider of general-purpose reloadable (GPR) prepaid debit cards and related financial services to the estimated 60 million underbanked consumers in the United States who do not have a traditional bank account or who rely on alternative financial services. The Company's mission is to develop products and services that empower underbanked consumers with the convenience, security and freedom to be self-banked. Headquartered in Austin, TX, NetSpend is traded on the NASDAQ stock exchange under the symbol NTSP. Please visit http://www.netspend.com for more information.
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About 7-Eleven, Inc.
7-Eleven, Inc. is the premier name and largest chain in the convenience retailing industry. Based in Dallas, Texas, 7-Eleven operates, franchises or licenses more than 9,200 7-Eleven® stores in North America. Globally, there are approximately 46,400 7-Eleven stores in 16 countries. During 2011, 7-Eleven stores worldwide generated total sales close to $76 billion. 7-Eleven has been honored by a number of companies and organizations recently. Accolades include: #2 on Forbes magazine's 2011 list of Top Franchises for the Money; #3 spot on Entrepreneur magazine's Franchise 500 list for 2012, #3 in Forbes magazine's Top 20 Franchises to Start, and #2 in Franchise Times Top 200 Franchise Companies. Hispanic Magazine named 7-Eleven in its Hispanic Corporate Top 100 Companies that provide the most opportunities to Hispanics. 7-Eleven received the 2010 Retailer of the Year honor from PL Buyer because of the company's private-label brand initiative. 7-Eleven is franchising its stores in the U.S. and expanding through organic growth, acquisitions and its Business Conversion Program. Find out more online at www.7-Eleven.com.
About The Bancorp Payment Solutions Group
The Bancorp Payment Solutions Group, a division of The Bancorp Bank ("Bancorp"), a wholly owned subsidiary of The Bancorp, Inc. (Nasdaq:TBBK), offers secure, creative and innovative payment solutions to the prepaid card industry. As a leading issuer of prepaid cards, The Bancorp Payment Solutions Group contributes to the success of Fortune 500 companies through the development of cutting-edge prepaid card programs that meet the rapidly changing needs of the prepaid industry. Through long-standing relationships with the MasterCard, Visa, and Discover card associations, leading program managers and processors, The Bancorp Payment Solutions Group designs innovative and flexible prepaid card programs which deliver outstanding results. For more information about The Bancorp Payment Solutions Group please visit www.thebancorp.com.