PayPerks Blog

The latest news from PayPerks
  • 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

  • PayPerks' CEO Arlyn Davich interviewed by Shibani Joshi on Fox Business News

    Shibani Joshi starts her interview with Arlyn Davich, PayPerks CEO with this:

    I got to catch up with one of the hottest newcomers…PayPerks: a company you’re going to be hearing a lot more about in the future…

    #youhearditherefirstfolks

    Arlyn does a great job explaining what PayPerks is and what we do. Have a watch:

    Link to the YouTube video directly: http://www.youtube.com/watch?v=tr6d_1w0Lhw

  • PayPerks Named Best Newcomer in Payments

    Greetings from Harvard where The Office’s BJ Novak just announced that PayPerks won the Silver in the ‘Best Newcomer in Payments’ category. (Bet you never thought you would see all those things in one sentence)

    When we were named a finalist a few weeks ago, we were humbled to be among such esteemed company; so to be named a winner was really the icing on the cake.

    We’d be remiss without congratulating Stripe on the Gold. We’ll see you next year ;)

    PYMNTS

  • Center for American Progress Highlights PayPerks as a Financial Capability tool

    In honor of the U.S. Treasury’s March shift to paperless payments for Social Security benefits recipients, The Center for American Progress hosted a thoughtful discussion on the DirectExpress card and how prepaid cards in general can be a financial capability tool. Special thanks to Melissa Koide, Deputy Assistant Secretary for Consumer Policy, U.S. Department of Treasury, for highlighting the role that PayPerks can play toward that end! (tune in around minute 22 to hear what she had to say about PayPerks)

    http://www.americanprogress.org/events/2013/02/22/54461/the-end-of-cash/