PayPerks Blog

The latest news from PayPerks
  • 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.

  • PayPerks turns government payments into a teachable moment

    In today’s American Banker, CFSI’s President and Chief Executive Jennifer Tescher extols the potential virtues of government benefit cards as a means toward financial capability among the un- and underbanked. While Team PayPerks lives and breathes this stuff, two of the facts referenced surprised even us:

    • In January [2013] alone, 62 million people received $70 billion in Social Security and disability benefits

    • States pay out nearly $13 billion of food stamps benefits annually to 23 million households

    We’ve always argued that government benefits were a scalable channel through which to reach the un- and underbanked but these numbers help us size just how scalable our impact can be. As Jennifer explains: “One of the most exciting developments on this [government benefits] front is the Treasury Department’s decision to add a web- and mobile-based financial education hub to Direct Express, the default payment card for federal benefit recipients. Cardholders will have the chance to win cash prizes by engaging in financial education modules. The effort, a partnership between the government, card issuer Comerica Bank, MasterCard, and technology start-up PayPerks, represents the kind of public-private collaboration that will be required to turn government payments into a teachable moment.”

    Couldn’t have said it better myself!

    Check out the full article here: http://www.americanbanker.com/bankthink/government-benefit-cards-can-open-doors-to-banking-system-1057231-1.html?pg=1