MasterCard (NYSE:MA) and Green Dot (NYSE:GDOT) today announced an expanded relationship that allows all U.S. cardholders with MasterCard ® rePower™-enabled prepaid cards to reload their cards via the Walmart Rapid Reload™ service.
Walmart Rapid Reload utilizes the Green Dot® Network to provide cardholders with a fast and easy way to load funds directly to their cards by swiping their cards at any register at participating Walmart stores (not available in VT or WY). Cardholders can add funds directly to their prepaid account by using cash or a pre-printed payroll or government check. Cashier-added funds will be available for use by MasterCard rePower-enabled cardholders within minutes.
“The Green Dot Network strives to bring convenient and cost-effective loading options to our prepaid debit card partners by leveraging our relationships with our major retailers,” said Kostas Sgoutas, Chief Revenue Officer, Green Dot. “By providing more funding options, we are creating a better experience for the consumer, helping our prepaid partners achieve their goal of increased retention and driving additional foot traffic to our retail partners.”
The MasterCard rePower network is open to any MasterCard issuer of reloadable prepaid card programs. Portfolios such as the Univision MasterCard Prepaid Card will be able to offer their cardholders the new cash reload option through Walmart Rapid Reload.
“Prepaid products provide consumers with choices in how they manage and spend their money. In order to maximize the potential of prepaid, cardholders need to be able to conveniently and securely reload funds. Our expanded partnership with Green Dot now allows our cardholders to load funds to their prepaid cards at more than 4,000 Walmart stores that offer Walmart’s Rapid Reload service,” said MasterCard Group Executive of U.S. Market Development Craig Vosburg.