This pressrelease indicates that cardholders can load and transfer balances, and thatcompanion card users can request funds using push messaging:
“WithCachet’s award-winning Select Mobile Money app, Navy Federal members can loadmoney onto their GO Prepaid Card with their Navy Federal debit or credit card,manage a companion card, view account activity and balances, as well as locatethe nearest branch, ATM or Readylink cash locations from their mobile devices.Companion card members can also request funds through push messaging or suspendtheir card if needed.”
“Thesuccess of our collaboration with Navy Federal for the Visa® Buxx reloadableprepaid card program, which launched last summer, was a key driver for Navyselecting us for this major follow-on deployment,” said Jeffrey Mack,president and CEO of Cachet Financial Solutions. “In fact, more than 50%of Navy Federal’s Buxx prepaid cardholders downloaded the app, which farexceeded our expectations.”
“Asfinancial institutions adapt to meet the evolving needs of today’s technologysavvy consumers,” added Youri Bebic, SVP of Mobile Innovations at Cachet,”the advanced capabilities of our Select Mobile Money platform provideseverything prepaid cardholders need to manage their accounts from theirsmartphones. Our platform is the ideal solution for the on-the-go mobilebanking consumer.”
It is increasingly important that prepaid program managersmake sure that cardholders are enabled to use their smartphones to conducttransactions on the prepaid account, otherwise the program loses transactionand balance driven income and risks losing tech savvy cardholders to competitors.
Overview by Tim Sloane, VP, Payments Innovation for Mercator Advisory Group
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