Best use of prepaid functionality for delivering financial services and additional features, if applicable, to the youth/student/campus market.
Best-in-Category: Oink Card
Discover Network partners with clients and leverages its unique payments infrastructure to develop creative solutions that benefit customers. Virtual Piggy, provider of innovative, safe youth payments technology, teamed up with Discover Network to launch a prepaid card for kids and teens. The Oink Card is an extension of a digital wallet that teaches young users to spend wisely, save for the future, and donate to charities.
- Allows kids and teens the opportunity to shop online or in-store, all while providing a forum to save and spend within parameters set by their parents.
- The mobile app delivers offers and uses GPS technology to show where to redeem them nearby.
- Alerts tell parents when the card balance is getting low and enable them to track purchases instantly.
- Makes in-game purchases hassle-free.
Bottom Line: The Oink Card leverages the mobile channel and prepaid technology to help teach financial management to kids and teens in a clear and responsible way. This prepaid environment creates the setting necessary for parents to have the conversation about financial literacy with kids and teens, ultimately helping to prepare them for a successful, long-term financial transition into adulthood.
All aspects of the brand from card design and Website to mobile app and email communications are designed to establish an emotional connection with millennials.
- Standout features: (a) Funds-Ometer: tracks weekly spending to compare with averages over past 60 days in specific categories, such as eating out and entertainment; (b) eye-catching card designs in trendy colors.
- Reloads: direct deposit, mobile deposit capture, card-to-card transfer, bank transfer, PayPal/Square/Amazon transfer, Visa ReadyLink and MoneyGram.
- Mobile app provides deposit capture, account info, balance and transaction history.
Bottom Line: From the vintage card design choices to the simple fee structure, functional mobile app and communication touchpoints, this is a brand that skeptical and tough-to-impress millennials appreciate.
Prepaid card for students to receive financial aid funds and to manage their financial lives throughout college and beyond.
Partners: MetaBank, issuer; Visa, network; Wave Crest and FIS, processors; Wave Crest, program manager; Arroweye, card fulfillment; Vanco/RPPS, bill payment; Ingo, mRDC; ScoreMore, rewards; Tuition Management Systems, program marketer
- Automated, integrated system streamlines financial aid issuance and fee payments reconciliation.
- Cards loaded initially with financial aid; reload options available for parents or wage direct deposit.
- Online service portal saves administrative effort by reducing student inquiries, tracking lost payments and providing reporting tools.
- Standout features: (a) 55K surcharge-free ATMs; (b) ScoreMore rewards; (c) P2P transfers; (d) online bill pay; (e) mobile app with account, transfers, funds request and remote deposit capture capabilities.
- Spending graphs on the online portal show students where they’re spending their money.
- Net Promoter Score of 55.9 percent, versus 29 percent for similar products.
Bottom Line: This is the fastest way for a university to create a student payment program. No other provider delivers an integrated management, processing, Web and mobile-capable, customer-service supported solution in one streamlined package.