WASHINGTON (AP) вЂ” BET Networks is entering the exploding company of prepaid cards, partnering with a business leader in hopes of reaching scores of black People in america whom avoid using banking institutions.
BET, the brand name that is biggest in black colored news, is providing the card with NetSpend, one of the greatest prepaid credit card organizations. NetSpend hopes the recommendation will help it to convert BET people into fee-paying clients.
Blacks are overrepresented among exactly just just what the economic industry calls the unbanked and underbanked, those who do not have bank records or whom use high-cost solutions like check-cashing and pay day loans.
Prepaid cards are like debit cards but are not mounted on a bank checking account and often lack the customer defenses made available from credit and debit cards. They’re the fastest-growing payment that is electronic, based on a 2010 research because of the Federal Reserve.
BET started using phone and online purchases this thirty days when it comes to card, called the Control Prepaid MasterCard. The organizations are testing industry before whatever they anticipate is going to be a flooding of great interest, claims Dan Henry, CEO of NetSpend.