TMG Adds Department to Address Influx of Prepaid Clients
(Des Moines, Iowa – Oct. 18, 2011) – Payments solutions provider The Members Group (TMG) today announced the creation of a new client-service department, the TMG Retail Payments Team. The department – which will manage prepaid product implementations, support client portfolio growth and provide prepaid cardholder service – was created to address a dramatic uptick in the number of financial institutions now offering TMG’s ATIRA-brand suite of prepaid products.
The ATIRA suite includes ATIRAreload, a Visa general-purpose reloadable card; ATIRAgift, a Visa open-loop gift card; ATIRApay, a Visa payroll card; and the Coopera Card, a Visa reloadable card designed specifically for Hispanic cardholders.
“There are so many factors driving the popularity of prepaid in the U.S.,” said Konrad Christensen, TMG retail payments product manager. “The state of the economy, a growing attention to responsible spending and the changing cultural makeup of our country are just a few. Community-based financial institutions view prepaid cards as a great product for young people, the underserved or unbanked population, frequent travelers and even those mainstream customers who are looking for new ways to manage their finances or carry money.”
One of more than 20 credit unions to add a TMG prepaid product to its lineup this year, $175 million Amarillo Community Federal Credit Union (ACFCU) cites the potential for added members as a main driver. “We know that in our home state of Texas, one in five dollars of purchasing power is in Hispanic hands. Yet, Hispanic Texans are five times more likely to be unbanked than the state’s Caucasians,” said Arna Reynolds, ACFCU president and CEO. “With the Coopera Card, we’ll begin to build trust with this important and growing segment of our community.”
In addition to the Coopera Card, Amarillo FCU has also implemented both ATIRAreload and ATIRAgift programs this year.
North Carolina’s $212 million Piedmont Advantage Credit Union also sees prepaid cards as a method for attracting new members. “Adding prepaid cards this fall is a part of our credit union’s overall growth plan,” said Belinda Wilson, Piedmont Advantage’s director of marketing and business development, of the credit union’s upcoming ATIRAreload and ATIRAgift program implementations. “The convenience and safety attributes of the cards strike a real chord with our members.”
