Prepaid card market technology provider Morgan Beaumont has signed an agreement with Discover Financial Services, a business unit of Morgan Stanley, to issue Discover Network cards.
As part of this agreement, Morgan Beaumont will issue a variety of prepaid cards on the Discover Network, as well as manage the payroll card programs scheduled for launch later this year.
Products include gift, payroll, and general spending prepaid cards targeted to serving the needs of consumers without traditional bank accounts, a growing and underserved market.
The prepaid card market offers tremendous opportunities to meet both the payment needs of the millions of consumers who don’t use credit cards or checking accounts, and of the merchants and employers that are looking for alternative payment options to better serve them, said Joe Hurley, vice president of strategic network development for Discover.
This agreement with Morgan Beaumont broadens Discover’s reach in delivering a variety of targeted products and programs to this important, underserved market.