In an interview after announcing fourth-quarter results, Green Dot Corp. Chairman and chief executive officer Steve Streit said that the entrance of new prepaid card providers have not hurt Green Dot’s retail sales.
From Fox Business News:
Green Dot Corp. (GDOT), whose prepaid debit cards are sold in thousands of supermarkets, pharmacies and other stores, continues to generate strong sales in most retailers despite a flood of new cards from companies including American Express Co. (AXP) and Western Union Co. (WU), Green Dot’s top executive said Friday.
Although sales dipped at Wal-Mart stores, where arguably Green Dot faces its stiffest competition from a variety of cards, including American Express’s Bluebird card, the company’s results are further indication that the population of prepaid card users is not monolithic. The audience for prepaid cards varies depending on the needs of the customers and so different program features will factor into buyers’ decisions almost as much as price.
