Retailer partners with Green Dot, InComm and First Data to expand prepaid network
BENTONVILLE, Ark., October 2, 2012 – Walmart is launching an affordable and convenient way for customers to load money onto prepaid cards with Rapid Reload, a new service that will accept reloadable cards affiliated with the Green Dot Network, InComm’s Vanilla Reload Network and First Data’s Money Network. Available today in more than 3,800 Walmart stores nationwide, customers can add money to their card at any register for a low price of $3.74.
According to a recent study by Mercator Advisory Group, 56 million Americans have a prepaid or payroll card. Rapid Reload is a savings for these consumers who have been paying up to $5 to add cash to their cards.
“Many of our customers continue to seek alternatives that improve both the convenience and cost of every day financial services,” said Daniel Eckert, vice president of financial services for Walmart U.S. “Through our partnerships with Green Dot, InComm and First Data, we are ensuring that the majority of prepaid cards available in the U.S. can be reloaded at Walmart. This is another way we're providing millions of Americans with affordable ways to manage their money.”
Before today, customers had to make an extra stop to reload their prepaid cards before shopping at Walmart. With Rapid Reload, the process is simple. There are no forms to fill out, no scratch-off PINs and no need to make a phone call or visit a website to complete the reload.
Walmart will now accept individually branded cards such as Account Now, Achieve Card, H&R Block, Momentum, Money Network, MyVanilla, NetSpend, PayPal, Rush Card and Upside among others. Walmart’s MoneyCard, the world’s best-selling prepaid card, will remain available for a low price of $3.
Wal-Mart Stores, Inc. (NYSE: WMT) serves customers and members more than 200 million times per week at over 10,300 retail units under 69 different banners in 27 countries. With fiscal year 2012 sales of $444 billion, Walmart employs 2.2 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting http://corporate.walmart.com, on Facebook at http://facebook.com/walmart and on Twitter at http://twitter.com/walmartnewsroom. Online merchandise sales are available at http://www.walmart.com and http://www.samsclub.com.
Walmart’s prepaid card partners support Rapid Reload:
“Green Dot is excited to extend its partnership with Walmart and serve more customers with its new Rapid Reload service,” said Steven Streit, chairman and chief executive officer for Green Dot Network. “The launch of Rapid Reload is a great step forward in Green Dot and Walmart's shared vision of making prepaid cards both easy to use and a great value for customers everywhere.”
“The prepaid card industry is evolving to serve a wider spectrum of consumers, and new technologies like Rapid Reload that provide swipe reload offer a simpler, more streamlined experience for shoppers to reload funds into their accounts,” said Brooks Smith, president and chief executive officer for InComm. “We are excited to work with Walmart to provide customers the ease and convenience of reloading their prepaid cards at locations where they are already shopping, and the benefit of having those funds available immediately.”
“With Walmart Rapid Reload, it’s now easier than ever for our Money Network cardholders to reload cash with a simple swipe at any Walmart store register,” said Mark Putman, senior vice president and division manager of Prepaid Solutions, First Data. “We are committed to adding new and innovative features to meet the evolving needs of our cardholders who use their reloadable cards to keep cash safe, manage finances, and pay bills online.”
“We are pleased to give our more than two million cardholders even more choice and convenience when it comes to reloading cash onto their NetSpend prepaid cards,” said Dan Henry, chief executive officer for NetSpend, a member of the Vanilla Reload Network. “As part of Rapid Reload, NetSpend cardholders can reload cash at a low cost in Wal-Mart MoneyCenters, checkout lanes or in the customer service area.”