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How to use prepaid debit cards as a US bank?
Tom Blomfield was able to start a bank using prepaid debit cards, I would like to do something similar. But I can't just slap my logo over a prepaid visa card and expect that to provide value to my customers. I want to attach or at least monitor transactions in an app that I build. So how would I be able link transaction data to a user inside an app? Or who should I talk to?
- SavageBeast 2y agoI first thought that a Private Label Card would be the way to go but thats like a store card someplace, not a Visa/MC network thing. https://www.globalpayments.com/partners/financial-institutions#commercial https://www.globalpayments.com/partners/financial-institutio... This would be a place to start - talk to someone there and tell then what you want to do. Get your hoop-jumping outfit on before hand.
- ryansam10 2y agoWhat hoops do you think I'll encounter?
- SavageBeast 2y agoRegulations, deposits, compliance, contracts, fees etc. The pain of making any financial arrangement at such a scale is bound to be non-trivial.