As part of the agreement, NetSpend consumers will gain access to cards issued by Bancorp. In addition, the two combined companies have launched card programs for 7-Eleven, HEB Grocery Stores and PayPal.
The NetSpend Visa Prepaid Debit Card and NetSpend H-E-B Visa Prepaid Debit Card are issued by The Bancorp Bank pursuant to a license from Visa. The PayPal Prepaid MasterCard card is issued by The Bancorp Bank pursuant to license from MasterCard.
NetSpend provides reloadable prepaid debit cards, which have been designed as a payment alternative to cash and traditional banking products and targeted at the 60 million underbanked consumers in the US.
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