Walmart announced its customers have moved more than $2B through its “virtual vault” prepaid savings program:
The early success of this program demonstrates a creative approach to a prepaid offering that providers should pay attention to.Walmart's Prize Savings program is offering customers a more robust prepaid service that mirrors traditional banking.
of the US population is un- or underbanked and has historically been a top target for prepaid providers.more attuned to alternative financial services and are turning to prepaid as substitute for traditional bank accounts, widening prepaid providers' addressable base. Because prepaid cards already feel like debit cards, embedding them with more mainstream financial services like savings features could motivate consumers to choose a more robust prepaid product over another option.Prepaid providers could mirror Green Dot's approach to meet consumer needs, while tapping into a large, engaged audience.
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