BancorpSouth to Offer New Prepaid Card through Community Bank Program (Jan. 10, 2013)
Jan. 10, 2013
Tupelo, Miss.-based BancorpSouth Inc. has announced the launch of a new GPR prepaid card targeted at travelers, students and online shoppers. The MasterCard-branded card can be used at retailers, online and for cash withdrawal at ATMs, and features an online account management system that enables reloads over the Web. BancorpSouth said there will be no minimum balance on the cards, which can also be used by employers as a payroll card.
BancorpSouth’s prepaid card is being offered through the Community Bank Prepaid Program, which was launched in 2010 by TransCard, MasterCard and ABA Business Solutions, a subsidiary of the American Bankers Association. The initiative, which is aimed at providing turnkey MasterCard prepaid programs to community banks, recently celebrated a milestone, with more than 1 percent of all community banks in the country offering prepaid cards through the program as of last September.
The focus on local banks has been a boon for TransCard, which saw its active card accounts jump by more than 61 percent in the first three months of 2012—an increase TransCard called a “direct result” of the company’s revamped business model of empowering financial institutions to offer prepaid products to their customers.