June 4, 2009 - 6:58am
nFinanSe Inc., a financial services company and provider of stored value and prepaid card solutions, is reducing retail price of its Reloadable Prepaid Card to $3.00 from $5.95 effective July 1, 2009. The move comes as Wal-Mart announced recently that it reduced the price of its reloadable card from $8.94 to $3.00.
nFinanSe thinks the initiative will encourage usage and trial among the 73 million Americans who are cash based and who do not have a traditional banking relationship.
After the price change, nFinanSe will offer its Reloadable Cards through major retailers with a $3.00 initial sales price, and continue its low $2.95 monthly maintenance fee, $2.95 reload fee as long as free 24/7 customer service and free direct deposit.
“Our goal is to price our product in a way that encourages mass market trial and usage. As a former retailer myself, I understand that retailers feel that they have an obligation to provide choice and selection for their customers. We want to provide to major retailers a comparably priced product to Wal-Mart’s reloadable prepaid card so that they can incorporate it into the mix of prepaid cards they offer their customers,” says Jerry R. Welch, Chairman and CEO of nFinanSe.
nFinanSe thinks the initiative will encourage usage and trial among the 73 million Americans who are cash based and who do not have a traditional banking relationship.
After the price change, nFinanSe will offer its Reloadable Cards through major retailers with a $3.00 initial sales price, and continue its low $2.95 monthly maintenance fee, $2.95 reload fee as long as free 24/7 customer service and free direct deposit.
“Our goal is to price our product in a way that encourages mass market trial and usage. As a former retailer myself, I understand that retailers feel that they have an obligation to provide choice and selection for their customers. We want to provide to major retailers a comparably priced product to Wal-Mart’s reloadable prepaid card so that they can incorporate it into the mix of prepaid cards they offer their customers,” says Jerry R. Welch, Chairman and CEO of nFinanSe.