NetSpend Corporation, one of the leading providers of prepaid debit cards in the United States, and Ace Cash Express, Inc., the largest owner, operator and franchisor of check cashing stores in the United States, today announced the extension of their agreement for Ace's distribution of NetSpend prepaid debit cards for an additional seven years.
Under the terms of the agreement, Irving, Texas-based ACE Cash Express will continue to be an exclusive distributor of general purpose reloadable and gift cards developed, marketed and processed by NetSpend as an agent of MetaBank, the issuer of the cards.
The new contract builds on a six-year relationship between the two companies. Since early 2002, ACE Cash Express has sold over 1.6 million NetSpend general purpose reloadable debit cards.
"ACE Cash Express has proven to be of tremendous value to us over the years," said Daniel R. Henry, chief executive officer of NetSpend. "They have played a key role in helping us expand our suite of services and innovate new products. We look forward to continuing our long-standing partnership with ACE and providing the best quality financial services and choices to the underbanked community."
"The alliance between ACE Cash Express and NetSpend combines the strengths of both of our companies," said Jay Shipowitz, chief executive officer of ACE Cash Express. "By committing to seven more years with a leading prepaid provider like NetSpend, ACE will continue distributing this high-quality financial product through our store network to meet the evolving financial needs of our customers."