PayPerks Blog

The latest news from PayPerks
  • AGA reports prepaid card savings

    Nice shout-out for PayPerks in the Association of Government Accountants' recent report on the cost savings generated from transitioning from checks to prepaid cards:

    “We’re now beginning to see a focus on using the prepaid platform to drive financial capability for cardholders, as in the recent announcement of the rollout of PayPerks in the Treasury program,” [Andrew Gillen of MasterCard] said. “It will be interesting to see if state governments follow suit.”

    In addition to ease of use with prepaid cards, the AGA found significant savings for both the payees and the recipients of federal benefits payments. While it's possible to use the government prepaid programs at no cost, an average cardholder will see a cost of .03% of the payments received on a prepaid card-- compared to costs up to 4% for the alternative in check cashing fees.

    The government is also saving-- Treasurer of the United States Rosio Rios famously wrote a check to American taxpayers in 2011 for the $1 billion that will be saved by moving from checks to prepaid cards.

    It's a win-win-win!

    Read the full article here: http://bankcreditnews.com/news/aga-report-finds-government-prepaid-cards-offer-numerous-advantages/11472/

  • CFSI Interview with Arlyn

    Arlyn had a great talk with Kathleen Smith Shelton of the Center For Financial Services Innovation (CFSI) about some exciting milestones of this past year, how PayPerks defines success, and the advice for innovators breaking into underserved markets.

    Kathleen: Do you have any thoughts for those just starting to look for ways to serve the underbanked markets?

    Arlyn: My advice to entrepreneurs is always focus on solving problems -- not just creating a business. … That’s the best place to innovate, right? If you can solve a big problem in a big market, you have a business.

    Read more here: http://www.cfsinnovation.com/content/thoughts-winner-2013-core-innovators-mega-challenge

  • Paybefore and Bank Credit News highlight PayPerks’ successful launch with Direct Express

    Many thanks to Andrew Gillen of MasterCard for touting some of our recent successes with PayPerks on the Direct Express card. Articles in Paybefore and Bank Credit News highlight PayPerks as an important tool for driving meaningful and beneficial changes in financial behavior.

    The articles also cite some comments from our Facebook page which illustrate PayPerks' warm reception from Direct Express cardholders:

    • “I use PayPerks and it is a very good way to learn how to use your Direct Express card.”
    • “I really like the program! Thank you!”
    • “Great concept. I am having fun learning how to save!”
    • "What a great program. . . this would be a great thing for students who are in college and managing their own money for the first time!”
    • “Love this. Very Educational. Love the chance to win money.”
    • “This is ingenious! The earn-while-you-learn concept is awesome. Even an absolute newbie can learn how to make the most of their money with this setup.”

    Like us on Facebook or follow us on Twitter to join the conversation!

  • Core Innovators Mega Challenge - PayPerks Wins!

    jake-arlyn-prizecard PayPerks Founders, Arlyn and Jake, on the right, with their prize!

    The award was determined by a live vote of hundreds of financial services executives and fellow innovators at the CFSI Underbanked Financial Services Forum.

    While it’s always encouraging to be recognized, this award was particularly meaningful as we were identified in the company of other start-ups that are focused on solving the unique pain points of the emerging middle class. It’s an honor to share the stage with other great companies such as LendUp and Mitek.

    The Mega Challenge kicked off an incredible conference that shined a spotlight on innovative new technologies and services driving meaningful change for consumers. Congrats to the CFSI Team on exceeding expectations, once again. We’re already looking forward to next year's conference "Emerge: The Forum on Consumer Financial Services Innovation" in LA!

  • The weird thing about momentum

    Last week, I had the honor of sitting on a panel about the future of cash with people like Hikmet Ersek (the CEO of Western Union) and Larry Summers.

    LarrySummers

    While I spent most of the 90 minutes respectfully disagreeing with the majority of the panelists (no big deal…it’s not intimidating at all to publicly disagree on the future of cash with the Former Secretary of the Treasury), there was something Mr. Summers said that I couldn’t have agreed with more: “While things take longer to happen than you ever thought they would, when they happen, they happen faster than you ever imagined”.

    This message could not resonate more on this 26th of March. We’re now just days away from our launch on the DirectExpress program: an exciting milestone whose journey began over two years ago (i.e. longer than we ever though it would). Alternatively, when word leaked that we were launching next week, we had over 1,000 Facebook likes and 20K site visits in just three days. (i.e. faster than we ever imagined)

    So what does that mean for the future of cash? Well, if PayPerks’ success is inversely related to its persistence, I’m sticking to my guns.