RICHMOND, Va. and AUSTIN, Texas, Jan. 8, 2013 /PRNewswire/ -- The Brink's Company (NYSE : BCO ), a global leader in secure logistics, today announced that it has entered into an agreement with NetSpend Holdings, Inc. (NASDAQ : NTSP ), to sell its Brink's Money™ prepaid payroll card to U.S. employers. The initial rollout of Brink's Money is scheduled for the first quarter of 2013.
Brink's Money is a safe, feature-rich alternative for employees who receive paper checks from their employers. NetSpend, a leading provider of general-purpose reloadable prepaid debit cards and related financial services, will act as the exclusive program manager and processor for the Brink's Money payroll card.
Tom Schievelbein, chairman, president and chief executive officer of Brink's, said: "The introduction of Brink's Money is our latest initiative aimed at growing our payments business. Our partnership with NetSpend is a natural fit that enables us to leverage the Brink's brand in the U.S. consumer market, where it is already a well-known symbol of trust and security due to our leadership in secure logistics and our past success in residential security. Our plan to provide the Brink's Money card to our own employees demonstrates our commitment to this product."
The market for prepaid payroll cards in the U.S. is growing at a rapid pace, according to a recent report from Aite Group. "The prepaid payroll market is expected to have a year-over-year annual compound growth rate of 19.9 percent through 2016. Gross dollar volumes loaded on cards will almost double from the 2012 level of $34 billion to an estimated $63 billion in 2016. And, the number of active cards in the market is expected to grow from 4.1 million in 2012 to over 9.1 million in 2016," said Madeline K. Aufseeser, author of Aite Group's 2012 report titled "The Contenders: Prepaid Debit and Payroll Cards Reach Ubiquity."
Dan Henry, chief executive officer of NetSpend, said: "Brink's has a longstanding history of providing individuals and businesses with a safe and convenient way to manage cash and other assets. For self-banked consumers, brand awareness and trust are key considerations in financial decision-making. Brink's is an ideal partner to help us reach more employers with payroll card solutions."
About The Brink's Company
The Brink's Company (NYSE : BCO ) is the world's premier provider of secure transportation and cash management services. For more information, please visit The Brink's Company website at www.Brinks.com or call 804-289-9709.
NetSpend is a leading provider of general-purpose reloadable prepaid debit cards and related financial services to the estimated 68 million underbanked consumers in the United States who do not have a traditional bank account or who rely on alternative financial services. The Company's mission is to develop products and services that empower underbanked consumers with the convenience, security and freedom to be self-banked. Headquartered in Austin, TX, NetSpend is traded on the NASDAQ stock exchange under the symbol NTSP. Please visit http://www.netspend.com for more information.
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SOURCE The Brink's Company; NetSpend