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TMCNet:  Comerica Bank and MasterCard Add Complimentary PayPerks Platform for Direct Express Debit MasterCard Program

[May 03, 2013]

Comerica Bank and MasterCard Add Complimentary PayPerks Platform for Direct Express Debit MasterCard Program

May 03, 2013 (Close-Up Media via COMTEX) -- Comerica Bank and MasterCard marked Financial Literacy Month with the addition of PayPerks as a complimentary financial education and rewards platform for all Direct Express Debit MasterCard cardholders.

According to a release, the U.S. Department of the Treasury uses the Direct Express Debit MasterCard program to disburse Social Security payments, Veterans' benefits, and other federal payments electronically, especially to those recipients for whom direct deposit is not an option. PayPerks rewards users for participating in a web- and mobile-based financial capability curriculum designed to foster positive financial behavior.

The companies said that PayPerks has been customized to enable Direct Express cardholders to use their cards in ways that maximize convenience and security, while also minimizing fees. The curriculum also addresses general financial topics, such as how to establish a savings plan and how to manage a household budget.

"The Direct Express Debit MasterCard program has enabled Treasury to provide federal payments electronically, even to those without bank accounts, eliminating the need to print and mail millions of paper checks each month," said Walt Henderson, Director, EFT Strategy Division at Department of the Treasury. "Beyond the savings Direct Express offers taxpayers, it also provides recipients with a convenient means to receive their federal payments electronically and to pay bills or make purchases by telephone, on the Internet, or at the point of sale at no cost. Adding the PayPerks financial capability curriculum to Direct Express increases the program's value even more, as it empowers cardholders to get the most benefit from their cards and to take control of their financial lives." The PayPerks program is open to all Direct Express cardholders. Since the PayPerks launch at the beginning of April, tens of thousands of Direct Express cardholders have created PayPerks accounts and completed more than 100,000 educational modules and tutorials, the companies said.

"We are thrilled by the cardholder response to the PayPerks launch in the Direct Express program," said Nora Arpin, Director of Government Electronic Solutions for Comerica Bank, the issuer of the Direct Express card. "We believe the Direct Express program offers great benefits to cardholders, and the PayPerks platform is an excellent way to deliver information about those benefits." "The PayPerks curriculum is delivered in a fun and engaging way, in order to encourage participation," said Andrew Gillen, Vice President at MasterCard. "The Direct Express program already offers great advantages over paper checks-both to the government and to recipients. Adding PayPerks helps cardholders use their cards to the best advantage, while also increasing their general financial savvy, something that can pay dividends for a long time to come." PayPerks is a financial capability and rewards platform for the unbanked and underbanked.

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