RushCard adds new features

By August 30, 2016Bitcoin Business

This story was delivered to BI Intelligence " Payments Briefing " subscribers. To learn more and subscribe, please click here . RushCard, one of the largest US prepaid card providers, is rolling out a new set of advanced features to clients, according to The Wall Street Journal . The offerings include a new mobile app, added security features like Touch ID and the ability to remotely disable accounts, and a Walmart-based prescription refill program, according to Fast Company . The news comes in the wake of a technical glitch in October 2015 that left users locked out of their accounts for up to two weeks and forced RushCard to pay a settlement of more than $19 million. Adding advanced features could give RushCard a needed brand reputation boost, since it helps improve the firm’s user experience, the key area in which it’s been struggling. The new features could also be aimed at affluent consumers, which is a growing population in the prepaid space. RushCard’s parent company named a new CEO in July, reportedly as part of an attempt to accelerate the launch of new products potentially targeted at more affluent consumers. Here’s why these features could help attract that population: The new features more closely resemble those of a traditional checking account or credit card. As of January, 608 financial institutions in the US offered fingerprint authentication in their mobile banking apps, up from just 252 in October 2015, indicating that it’s a feature that’s becoming more popular and commonplace. As consumers’ prepaid card use more closely resembles checking account usage — 43% of customers have paychecks directly deposited onto cards, and 75% reload cards on a regular basis — it’s logical that prepaid firms would seek to more closely resemble checking accounts as a service. It could also […]

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