BET Networks, a US Viacom-owned cable network, has inked a contract with NetSpend, a US-based prepaid debit cards provider, to offer a prepaid payment card for black Americans who do not use banks.
Nearly 22 percent of black households do not have bank accounts, as compared to 3 percent for whites, according to a 2009 study by the Federal Deposit Insurance. The study found that over half of black households either do not have bank accounts or sometimes use higher-cost financial services.
NetSpend delivers general-purpose reloadable prepaid debit cards and related financial services to the 60 million underbanked consumers in the US. For its partners, NetSpend offers services including a proprietary processing platform, card fulfillment, customer service and risk management capabilities.
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