IFAN Financial, a mobile payment software developer, has rolled out its new FDIC-insured prepaid card program, dubbed POWER by IFAN MasterCard.
The new program, which is linked to the IFAN Mobile Wallet through IFAN’s Financial Payment Platform, allows users to access cash and merchant services globally at any location that accepts MasterCard Debit Cards.
The newly launched program will also enable users to access online banking services, protected by the MasterCard Zero Liability Policy, the company said.
IFAN Financial president and CEO J. Christopher Mizer said: "We are delighted to be offering customers an alternative banking solution that comes with the safety and security of the MasterCard Zero Liability Policy, that’s FDIC insured, and is safer than holding cash or writing a check."
Commenting on the new service, IFAN Financial CFO Steve Scholl said: "We believe that POWER by IFAN MasterCard Prepaid Card program represents another significant opportunity for us to generate further customer exposure to the IFAN Financial Payment Platform.
"The prepaid card industry is a $200 billion and growing industry that is being rapidly adopted by both consumers and businesses."