To provide card-based financial services to the 20 million Latino consumers in the US
NetSpend, a provider of financial products specialising in prepaid debit cards, and Grupo Financiero Barri, the non-banking provider of financial services for the Hispanic community in Texas, have commenced offering a rechargeable jointly branded and general use card (GPR) in 200 of Barri branches located in Texas.
Reportedly, the association with Barri is expected to provide card-based financial services to the 20 million Latino consumers in the US who do not use banks as a means to fulfill their financial requirements.
NetSpend has said that the GPR prepaid cards are an alternative to cash and allow consumers to manage their finances. Other additional benefits include free direct deposit, free account notifications, free money transfers from one card to another, and bill payments through the internet.
Dan Henry, executive director of NetSpend, said: “While banks continue to increase the rates and charges for consumers, prepaid debit cards are rapidly becoming the financial tool of choice for more and more consumers. The NetSpend/Barri association will offer the Hispanic community in the entire state of Texas a level of freedom and financial security specifically focused on the needs of Latinos and which will be provided through a trusted distributor.”
Alberto Laureano, executive director of Grupo Financiero Barri, said: “Historically, Barri has built client loyalty by means of services that are based on cash, such as money transfers and foreign exchange. As our client base develops, Barri needs to develop as well. This is why we have started to offer services directly linked to the local financial needs of the client, such as check cashing and bill payments. Our new offer of a prepaid debit card with the Barri name is a big step in this development and NetSpend is the perfect partner for a successful implementation.”