Wednesday, September 17, 2008

Prepaid Payroll Cards

Yesterday we discussed how FNDS3000 will be offering a Diamond Cash Card in South Africa. In other payroll card news, MediaNet Group Technologies, Inc. will be building a “private branded web mall for Paycard USA” as announced in this article from CNN. Paycard USA is offering a Prepaid MasterCard, that would require no credit application or checking account. The main benefit will be that employees will be able to avoid fees associated with drawing money from standard checks at other banks. As Martin Berns, CEO of MediaNet Group metioned:

"We are excited to add PaycardUSA to our list of new clients, particularly as it demonstrates how the marketplace is demanding rewards and incentives on debit and payroll cards. Being selected by PaycardUSA is indicative of trends not only in the under-banked marketplace but also by savvy financial services firms who are looking to enhance the value proposition to card holders. We look forward to working with the PaycardUSA team in adding value to their card holders and providing a benefit beyond the industry standard."

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