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(R) 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
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.
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.
Follow NetSpend on Twitter: http://twitter.com/netspend or Facebook:
The NetSpend Holdings, Inc. logo is available at
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(R) 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.
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