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Green Dot, Walmart and GE Expand the Walmart MoneyCard Family of Products
MONROVIA, Calif., Oct 28, 2011 (BUSINESS WIRE) -- Green Dot Corporation (NYSE:GDOT), a leading prepaid financial services company, today announced that, together with GE Capital Retail Bank and Walmart, it has expanded the Walmart MoneyCard(R) prepaid card product line sold at Walmart stores nationwide and online at walmartmoneycard.com. The new products will be part of a rebrand of the entire product line, which is scheduled to roll out nationwide during the fourth quarter. The innovative new package design showcases the prepaid card and provides consumers with a broad range of product choices to fit their need. The Walmart MoneyCard is issued by GE Capital Retail Bank.
The Walmart MoneyCard program has added three new products to the current suite of offerings, including a Visa Gold MoneyCard, a MasterCard Family Edition MoneyCard and a MasterCard Bill Pay MoneyCard. Using sophisticated customer segmentation analysis, we created new products designed to expand customer awareness and acquisition of Walmart MoneyCard products. These new products are targeted to specific usage segments of Walmart customers based on deeper understanding of the customer.
Mark Troughton, Green Dot's President, Cards and Network, stated: "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."
Walmart is supporting the launch of the new cards with a new "Do More With a MoneyCard Card" campaign, updated permanent signage in the Money Center featuring the full product line and seasonal signage for both the Money Center and Customer Service Center, as well as upgraded displays and a series of in-store events to engage Walmart associates and educate them on the new products.
About Green Dot Corporation
Green Dot is a leading prepaid financial services company providing simple, low-cost and convenient money management solutions to a broad base of U.S. consumers. Green Dot also owns and operates the Green Dot Network, the nation's leading prepaid card reload network. Green Dot products are available online at http://www.greendot.com and at more than 55,000 retail stores, including Walmart, Walgreens, CVS/pharmacy, Rite Aid, 7-Eleven, Kroger, Kmart, Meijer, and Radio Shack. Green Dot is headquartered in the greater Los Angeles area. For more details, visit http://www.greendot.com.
About GE Capital Retail Finance
GE Capital's Retail Finance business is among the country's most successful retail lenders, with more than 75 years of experience in consumer financing. The business, which originates loans as a unit of GE Capital Retail Bank, provides credit card programs to retailers and consumers in the United States and Canada. This includes customized private label and bankcard credit programs to major retailers in the U.S., as well as private label credit card programs, promotional and installment lending, bankcards and financial services for consumers through dealers; national, regional and independent retailers; contractors; manufacturers; healthcare practices; and service providers across more than 20 retail segments including: automotive, appliances and consumer electronics, elective health care, floor covering, home design and improvement, home furnishings, jewelry, music, powersports, outdoor power equipment and sporting goods. More information can be found at http://www.gecapital.com.
Wal-Mart Stores, Inc. (NYSE: WMT) serves customers and members more than 200 million times per week at over 9,600 retail units under 69 different banners in 28 countries. With fiscal year 2011 sales of $419 billion, Walmart employs 2.1 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting http://walmartstores.com and on Twitter at http://twitter.com/walmart. Online merchandise sales are available at http://www.walmart.com and http://www.samsclub.com.
This press release contains forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, among other things, statements regarding the planned expansion of Walmart MoneyCard family of products and other future events that involve risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements contained in this press release. A wide-variety of potential risks, uncertainties, and other factors could materially affect our ability to achieve the results expressed or implied by the Company's forward-looking statements, and those risks and uncertainties are detailed in the Company's earnings releases and other filings with the Securities and Exchange Commission, including its quarterly report on Form 10-Q, which is available on the Company's investor relations website at http://ir.greendot.com and on the SEC website at http://www.sec.gov. All information provided in this release and in the attachments is as of October 28, 2011, and the Company assumes no obligation to update this information as a result of future events or developments.
SOURCE: Green Dot Corporation