Green Dot Launches MoneyPak for Reloading Prepaid Cards with Cash

Pasadena-based Green Dot Corporation has announced that its MoneyPak reload product is now available for purchase at retailers nationwide. With MoneyPak’s return, Green Dot fulfills one of the initiatives in its publicly stated Six Step Plan to achieve $1.75 in non-GAAP EPS in 2017.

“With the return of MoneyPak to store shelves, prepaid cardholders from any of the approximately 300 programs that are part of our reload network can once again use MoneyPak to reload their own prepaid accounts or those of family members, children away at school, or remote workers,” said Steve Streit, Green Dot’s Chairman and CEO. “With that new system now in place, our goal is to fulfill the same consumer demand that fueled the product’s original popularity, but in a way that’s better controlled and monitored.”

In practical use, MoneyPak can be purchased by the consumer and rung up by the cashier in the same way as any Green Dot product. The consumer then visits MoneyPak.com to redeem the value on the MoneyPak and load the funds onto his prepaid card.

The product started rolling out to Green Dot’s network of retail locations this month, beginning with Rite Aid and Kroger stores, and will continue to rollout in additional retailers throughout the year.

MoneyPak includes features like a low-cost Way to Reload Money to a Family or Friend’s Card, where customers can load $20-500 onto a family or friend’s card for just $5.95; a convenient alternative to reload at the register, when MoneyPak becomes a convenient alternative and save customers a second trip back to the store.

MoneyPak is mobile-enabled and the user can reload on the go. He only has to complete a one-time registration on MoneyPak.com and have his MoneyPak number handy to reload on the go.

MoneyPak can be used with more than 300 card programs, making it easy to load cash to any of the prepaid card programs currently on the Green Dot Network.