MIAMI—Bank Innovation reports that Cuentas, a Miami-based prepaid debit card company that markets to Latino and Hispanic populations, plans to bring Cuentas-branded debit cards and accounts to local c-stores in early September.
The cards will be linked to an online bank account from Sutton Bank, and customers will be able to reload the cards at any SDI Next convenience store location. Cuentas acquired a majority stake in SDI Next in 2017, and there are currently more than 31,000 stores in major cities around the U.S. in the network.
Bank Innovation says that “despite the convenience of the SDI Next stores, Cuentas faces a tough challenge gaining customers in a crowded field of prepaid card companies and competitively priced offerings from big-box retailers like Walmart.”
Walmart has a Money Services center that offers over-the-counter banking and money transfer services, and 7-Eleven stores allow customers to load their Amazon Cash prepaid cards.
Meanwhile, Cuentas says that to boost customer acquisition, it is promoting other opportunities and offerings available in convenience stores. Eventually, Cuentas wants to offer international remittances in c-stores by the end of the year.