Tuesday, August 20, 2013
Green Dot gets fashionable with GoBank
The new mobile banking product offered by prepaid card pioneer Green Dot Corp. is being featured on season 12 of the Emmy award winning reality TV show Project Runway. Green Dot's GoBank, called the first bank account specifically designed for mobile devices, is being used by reality show contestants to make purchases and budget finances. Additionally, the winning designer will be awarded $150,000 from GoBank to launch his or her own fashion line.
In previous seasons of the show hosted by supermodel Heidi Klum on the Lifetime cable channel, designers were given envelopes of cash for each challenge. At the beginning of season 12, each designer was given $4,000 loaded into GoBank accounts to be used for the duration of the season. The GoBank accounts are also being used to make person-to-person money transfers between contestants when they share expenses for team challenges.
"Project Runway teaches designers the skills they need to launch their own collections," said Sharon Pope, Chief Marketing Officer at Green Dot. "Part of that is managing your business expenses."
When GoBank was launched in June 2013, Green Dot touted the new mobile banking product as a reinvention of the traditional checking account. Among the features of GoBank is the ability to access account balances (reportedly the most common mobile banking behavior) without having to log in, and Fortune Teller, a budgeting tool of the mobile app that alerts users when purchases are not affordable within available balances.
Editorial Note:
Whether you want to upgrade your POS offerings, find a payment gateway partner, bone up on fintech regs or PCI requirements, find an upcoming trade show, read about faster payments, or discover the latest innovations in merchant acquiring, The Green Sheet is the resource for you. Since 1983, we've helped empower and connect payments professionals, starting with the merchant level salespeople who bring tailored payment acceptance and digital commerce tools, along with a host of other business services to merchants across the globe. The Green Sheet Inc. is also a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals.
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