7-Eleven Inks Prepaid Card Distribution Deal

NetSpend Visa Prepaid Cards to be sold at 5,000 U.S. 7-Eleven locations

DALLAS -- 7-Eleven Inc. has entered into a distribution agreement with NetSpend Holdings Inc., a leading provider of general-purpose reloadable (GPR) prepaid debit cards and related financial services, for its participating franchised and company-operated convenience stores nationwide to sell its NetSpend Visa prepaid cards.

"We believe offering NetSpend prepaid cards is an ideal solution for our customers who want convenient financial services when they come to our stores," said Jesus Delgado-Jenkins, 7-Eleven's senior vice president for merchandising, marketing and logistics. "We are rolling out the NetSpend prepaid cards now and expect to be selling them in more than 5,000 stores this year."

Dan Henry, chief executive officer of NetSpend, said, "Our partnership with 7-Eleven is very important to NetSpend as this agreement positions us to significantly grow our retail footprint. In many 7-Eleven stores now, our GPR cards give consumers more choice and access to alternative banking solutions."

In a recent announcement, NetSpend said it is expanding its reload network to thousands of 7-Eleven locations across the United States (see Related Content below for previous CSP Daily News coverage).

"The combination of selling our GPR cards and expanding our reload network at 7-Eleven stores gives self-banked consumers an easier way to take care of their financial services needs outside of the traditional, normal banking hours and at locations that are more convenient to them," added Henry.

Austin, Texas-based NetSpend offers its reloadable prepaid debit cards and related financial services to the 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, it said.

Dallas-based 7-Eleven operates, franchises or licenses more than 9,000 7-Eleven stores in North America. Globally, there are approximately 44,300 7-Eleven stores in 16 countries. During 2010, 7-Eleven stores worldwide generated total sales of approximately $63 billion.