NetSpend Expands Distribution with Intuit, Walgreens, and CVS

by Mercator Advisory Group 0

NetSpend Holdings Inc. announced Nov. 1 that NetSpend cards will be sold in Walgreens and CVS stores under the PayPal brand, and it will offer its cards in connection with Intuit’s TurboTax and QuickBook products for tax refunds and payroll respectively.

From the Austin Statesman:

Under the multi-year agreement, TurboTax users will be able to have their tax refunds deposited onto a NetSpend card. Small business customers who use QuickBooks will have the option of using NetSpend’s payroll card to pay their employees, instead of using paper checks.

The agreements are the latest in a series that go back over the past year which show NetSpend working to expand it distribution and reload networks with partners such as 7-Eleven Inc., BET Network, and Dollar General Corp. NetSpend’s stock took a beating last year when it announced that it would lose three check-cashing companies as distribution partners. Most of NetSpend’s business has been with check cashers and payday lenders. The diversification of channels will help the company as it positions itself to be more competitive in a market that sees new entrants coming in all the time.

Click here to read more from the Austin Statesman.

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