How to use prepaid debit cards as a US bank?

Posted by ryansam10 on Tuesday May 07, 2024 @08:36PM
from the self-post dept.

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?

( 3 comments | 2 points | on HN )

Re:How to use prepaid debit cards as a US bank? by SavageBeast on Tuesday May 07, 2024 @08:46PM (#40293214)

I 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-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.

[ Parent | on HN ]

Re:How to use prepaid debit cards as a US bank? by ryansam10 on Tuesday May 07, 2024 @09:02PM (#40293298)

What hoops do you think I'll encounter?

[ Parent | on HN ]

Re:How to use prepaid debit cards as a US bank? by SavageBeast on Monday May 13, 2024 @04:06PM (#40347746)

Regulations, deposits, compliance, contracts, fees etc. The pain of making any financial arrangement at such a scale is bound to be non-trivial.

[ Parent | on HN ]