“We are expanding our current offering of alternative financial services because we see an increased demand for this type of product in our stores,” says 7-Eleven spokesperson.
As part of its retail expansion plans, NetSpend Holdings Inc., a provider of general-purpose reloadable (GPR) prepaid debit cards and related financial services, announced that the PayPal Prepaid MasterCard card is available at 7-Eleven Inc.’s participating franchised and company-operated stores nationwide.
“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 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., pursuant to license from MasterCard International Incorporated. The Bancorp Bank; Member FDIC.