Walmart announced today through Business Wire that their strategic alliance with Green Dot and GE Capital Retail Bank is now re-branding an expanded product line of Walmart’s MoneyCard(R). The new family of prepaid debit cards will be offered nationwide through Walmart’s retail stores and online. The roll out is scheduled sometime in the fourth quarter of this year. The intent of the new branding is to accommodate customers with a wider range of product to fit their needs.
With a more clear segmentation of cardholder uses, the partnership hopes to increase customer awareness and acquisition of the MoneyCard product. Apparently, the group has done some extensive analysis of customer needs and intends to capture more market share by clearly defining the uses of each new card in the package. The new card family consists of a Visa Gold MoneyCard, a MasterCard Family Edition MoneyCard and a MasterCard Bill Pay MoneyCard.
President of Green Dot Cards and Network, Mark Troughton was quoted:
“With the new Visa and MasterCard MoneyCards we have doubled the number of products offered through Walmart. This initiative is another example of how Green Dot, Walmart and GE continue to drive innovation in the prepaid industry with the goal of better serving customers and continuing to grow sales.”
Numerous product line updates to in-store permanent and seasonal signage, employee training and promotional events are planned for the new launch. The campaign will be called, “Do More With a MoneyCard Card”. In addition to the Walmart retail offering, the cards can be obtained online as well. As turmoil in the financial industry continues to bubble, aggressive competition continues to rise in terms of value-added services and more aggressive fee structures all in hopes of capturing market share in the blurry space between the banked and unbanked.