DALLAS -- 7-Eleven Inc.'s participating franchised and company-operated stores nationwide are offering NetSpend Holdings Inc.'s PayPal Prepaid MasterCard. NetSpend Holdings is a leading provider of general-purpose reloadable (GPR) prepaid debit cards and related financial services.
"Because of our current partnership with 7-Eleven, the convenience store company will be the first major retailer to offer the PayPal prepaid card to consumers throughout the U.S.," said Dan Henry, CEO of NetSpend.
"We are expanding our current offering of alternative financial services because we see an increased demand for this type of product in our stores," said Jesus Delgado-Jenkins, 7-Eleven's executive vice president for merchandising, marketing and logistics. "Our customers are seeking choice and convenience when it comes to buying a prepaid card. We are selling the PayPal prepaid card because the brand already resonates with many consumers who want more financial flexibility and alternatives to traditional retail banking."
The PayPal Prepaid MasterCard card is being sold now and will be available at approximately 5,500 stores upon full rollout of the product this year. Cardholders also can reload cash on their PayPal prepaid cards at these 7-Eleven locations.
"We're thrilled to bring the PayPal prepaid card to a nationally recognized retailer like 7-Eleven, giving our customers more flexibility and control over their money," said Don Kingsborough, vice president and general manager of retail and prepaid at PayPal. "7-Eleven is just the beginning for the PayPal prepaid card--we are excited to roll it out to additional brick-and-mortar retailers this year."
The PayPal Prepaid MasterCard card can be used for online and in-store purchases wherever Debit MasterCard is accepted. The card can also be used to withdraw cash from ATMs while money can be loaded onto the card through direct deposit or at more than 130,000 reload locations through the United States.
The card must be linked to a PayPal account to enable cardholders to have full access to the card's online functionality and features, including online Payback Rewards, an optional savings account, real-time account alerts via text message (standard text messaging rates from wireless suppliers may apply) and online budgeting tools.
The funds on the PayPal Prepaid MasterCard card are FDIC insured through The Bancorp Bank; Member FDIC. These cards are issued by The Bancorp Bank, a wholly owned subsidiary of The Bancorp Inc., pursuant to license from MasterCard International Inc.
Austin, Texas-based NetSpend serves an estimated 60 million underbanked consumers in the United States who do not have a traditional bank account or who rely on alternative financial services. The company's mission is to develop products and services that empower underbanked consumers with the convenience, security and freedom to be self-banked.
Based in Dallas, 7-Eleven operates, franchises or licenses more than 9,200 stores in North America. Globally, there are approximately 46,400 7-Eleven stores in 16 countries. During 2011, 7-Eleven stores worldwide generated total sales of approximately $76 billion.
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