Green Dot Eyes Features To Fuel Prepaid Sales Growth

Green Dot Eyes Features To Fuel Prepaid Sales Growth - PaymentsSource Article
With little room to add major new retail partners to sell its prepaid debit cards, Green Dot Corp. is focusing on new features, especially mobile, to increase same-store sales and reduce churn.

'We have a plan for new products and different ways to accept checks and process payments and things we think will be helpful add-ons for our customers,' Steve Streit, Green Dot's chairman, president and chief executive, said in an interview Thursday after the Monrovia, Calif., company's first earnings conference call since its July initial public offering.

Green Dot, which sells cards with both the Visa Inc. and MasterCard Inc. brands, and its competitors have in recent years added a variety of functions, including direct deposit and online bill-pay. The intention is to get people to use the cards longer, which remains a struggle, Streit said during the call.