InComm, a marketer, distributor and technology provider of stored-value gift and prepaid products, and NetSpend, a provider of card-based prepaid financial products to underbanked consumers, have entered into a distribution agreement. It will give many of InComm’s retail partner locations the opportunity to sell and reload the NetSpend general purpose reloadable debit card.
Designed as a convenient tool to help cardholders better manage their finances, a prepaid debit card allows only the amount that is pre-deposited on the card to be spent. This feature along with free balance inquiries via text alert and online budgeting tools helps NetSpend cardholders avoid paying their share of the billions of dollars in overdraft fees that traditional banks collect every year.
NetSpend cardholders will also be able to reload their cards at the 93,000 current locations and at the participating InComm retailers. Cardholders also have access to online bill pay, free direct deposit, free card-to-card transfers and online budgeting and spending tools.
Dan Henry, CEO of NetSpend, said: “According to the FDIC, more than one quarter of all Americans are either unbanked or underbanked, that’s 60 million people that either have minimal or no access to financial products. This agreement with InComm will give these consumers an unprecedented level of convenience with thousands more locations to reload or purchase their NetSpend cards. Simply put, this gives them the ability to more easily and quickly manage their financial lives.”
Brooks Smith, president and CEO of InComm, said: “We are excited to provide our product expertise and technological innovation to help offer consumers another opportunity to manage their finances — especially in this economy. Partnering with NetSpend is an excellent opportunity that reinforces InComm’s commitment to the prepaid industry.
“By continuing to add the most innovative products and solutions, InComm is able to capitalize on consumer demand to help establish retail partners as prepaid destinations, a partnership which also gives product partners access to the industry’s largest distribution network of big box, pharmacy, grocery, convenience and discount retailers.”
