Get Paid In Card
For the 10 million or so unbanked in the US, there’s a new way to get paid. Instead of converting a paycheck into cash, prepaid cards let users pour it into a piece of branded plastic. One of the new players in the space is Prepaid Visa RushCard, the product is a partnership between Unifund (a company best known for buying up and collecting on bad debts) and Russell Simmons, a founder of Def Jam records and the Phat Farm apparel brand. Simmons devised the card because he “thinks everyone should be financially empowered. Ram Palaniappan, general manager of RushCard thinks that the cards are meant to offer the “dignity” of inclusion to consumers otherwise left at the margins of American money culture. While RushCard is not new, it’s been around since 2003, looks like a product that’s sure to do well in these downtimes. More in NY Times.
