Green Dot Chooses MasterCard as Transaction Processor
Popular prepaid card issuer Green Dot has announced it will be using MasterCard as its exclusive transaction processor by the second half of 2016. MasterCard will back all of the company’s products, including bank debit cards.
Green Dot selected MasterCard as the processor because of the company’s innovative platform which is focused on safety and security for all transactions. The platform, now known as MasterCard Payment Transaction Services and formerly referred to as MasterCard Integrated Processing Solutions, provides a range of processing services for financial institutions, including ATMs, global prepaid cards, signature and PIN debit cards. This fits right into the goals of Green Dot Bank.
“Our processing technology team has been working closely with MasterCard for the past 15 months on the integration of our two technology platforms,” said Green Dot’s Chief Operating Officer, Kuan Archer. “We believe the ultimate end-state of having the most state-of-the-art, high-scale processing platform underpinning our current and future suite of modern banking products and mobile solutions will pay off in terms of our ability to create new, innovative products and services.”
MasterCard is equally excited about the upcoming partnership. Mike Manchisi, President of MasterCard Payment Transaction Services, said, “We’re thrilled to enter into this relationship. We look forward to working with Green Dot to help grow and expand their business.”
Green Dot is the most popular prepaid card provider for tax refunds, and its products can be found in over 100,000 retail locations in the U.S. The company’s GoBank mobile checking provides check cashing solutions to unbanked and underbanked Americans, and Green Dot is continually working on new ways to innovate the world of reloadable cards. The company currently offers prepaid cards backed by Visa and MasterCard, which can be purchased at popular retailers or online.