AUSTIN, Texas and GOODLETTSVILLE, Tenn., Aug. 21, 2012 (GLOBE NEWSWIRE) -- NetSpend Holdings, Inc. (Nasdaq:NTSP) and Dollar General (NYSE:DG) announced today its agreement to sell the PayPal Prepaid MasterCard® card at Dollar General locations across the United States.
"Dollar General is committed to offering our customers a diverse product assortment," said Todd Vasos, Dollar General's EVP, division president and chief merchandising officer. "The PayPal Prepaid MasterCard is a feature-rich, alternative banking solution that we are proud to feature in our stores."
The PayPal Prepaid MasterCard card will be available at more than 8,000 Dollar General stores in 40 states upon full rollout of the product this year. Cardholders also can reload cash on their PayPal and NetSpend prepaid cards at these locations via the InComm Vanilla Reload Network.
"Dollar General is a significant new partner for NetSpend as we continue to grow our retail presence through our partnership with InComm," said Dan Henry, chief executive officer of NetSpend. "Our retail distribution footprint will grow to a total of more than 25,000 locations once Dollar General is fully deployed with the PayPal prepaid card. Our expanding retail distribution provides convenient access to our products for the self-banked consumer."
"InComm is excited to partner with PayPal, NetSpend and Dollar General to deliver an innovative prepaid financial services solution to Dollar General customers," said Brooks Smith, chief executive officer of InComm. "We look forward to the growth of this product and the awareness it will bring to the category."
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 U.S.
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* and online budgeting tools.
The funds on the PayPal Prepaid MasterCard card are FDIC insured through The Bancorp Bank; Member FDIC. MasterCard is a registered trademark of MasterCard International Incorporated.
These cards are issued by The Bancorp Bank, a wholly owned subsidiary of The Bancorp, Inc. (Nasdaq:TBBK), pursuant to license from MasterCard International Incorporated. The Bancorp Bank; Member FDIC.
*Standard text messaging rates from your wireless supplier may apply.
About NetSpend
NetSpend is a leading provider of general-purpose reloadable (GPR) 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. Headquartered in Austin, Texas, NetSpend is traded on the NASDAQ stock exchange under the symbol NTSP. Please visit http://www.netspend.com for more information.
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The NetSpend Holdings, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8154
About Dollar General Corporation
Dollar General Corporation has been delivering value to shoppers for more than 70 years. Dollar General helps shoppers Save time. Save money. Every day!® by offering products that are frequently used and replenished, such as food, snacks, health and beauty aids, cleaning supplies, basic apparel, house wares and seasonal items at low everyday prices in convenient neighborhood locations. With more than 10,000 stores in 40 states, Dollar General has more retail locations than any retailer in America. In addition to high quality private brands, Dollar General sells products from America's most-trusted manufacturers such as Procter & Gamble, Kimberly-Clark, Unilever, Kellogg's, General Mills, Nabisco, Hanes, PepsiCo and Coca-Cola. Learn more about Dollar General at www.dollargeneral.com or on Dollar General's Facebook page.
About The Bancorp Payment Solutions Group
The Bancorp Payment Solutions Group, a division of The Bancorp Bank ("Bancorp"), a wholly owned subsidiary of The Bancorp, Inc. (Nasdaq:TBBK), offers secure, creative and innovative payment solutions to the prepaid card industry. As a leading issuer of prepaid cards, The Bancorp Payment Solutions Group contributes to the success of Fortune 500 companies through the development of cutting-edge prepaid card programs that meet the rapidly changing needs of the prepaid industry. Through long-standing relationships with the MasterCard, Visa, and Discover card associations, leading program managers and processors, The Bancorp Payment Solutions Group designs innovative and flexible prepaid card programs which deliver outstanding results. For more information about The Bancorp Payment Solutions Group please visit www.thebancorp.com.