This week, TSYS announced that it is buying the second largest prepaid debit card company, NetSpend, for $1.4 billion. The purchase, expected to be complete by summer, will give TSYS access to the growing market for prepaid debit cards.
<brHere’s a closer look at what TSYS is adding to their portfolio including a few facts about the prepaid debit card market:
- The market for prepaid debit cards is estimated at 68 million potential consumers
- NetSpend’s customer list includes more than 2.4 million accounts
- More than 45% of NetSpend’s accounts are direct deposit
- NetSpend prepaid debit cards are available at more than 62,000 locations