NetSpend, a provider of card-based prepaid financial products to underbanked consumers has launched a “virtual” card. Reportedly, it can be tied to an existing prepaid debit card account and a suite of online financial management and budgeting tools including a visual spending history report, online budgeting application and budgeting “report card.”
NetSpend has claimed that virtual card acts just like an additional card on the account and is available to current cardholders through the company’s online account center at NetSpend.com. The virtual card can be created or deleted on demand, can be accessed—or created—via a mobile phone and can be used for any card-not-present transaction. The virtual card is designed to add a level of security and convenience for NetSpend cardholders. Reportedly, it has also launched the NetSpend budgeting application and “report card” that help customers set spending limits by category and to monitor their money throughout the month through cardholder-set spending targets.
Dan Henry, chief executive officer at NetSpend, said: “What we’ve seen in the ten years we’ve served the underbanked consumer is that they typically manage their cash flow very carefully. As soon as they are paid, they pay their bills and other obligations—every dollar counts and overspending simply isn’t an option. The NetSpend virtual card and online financial management tools bring a level of convenience and security that allows them to not only plan their spending, but monitor and safeguard their money as well.”
