nFinanSe reduces the price for its prepaid card as Wall Mart did the same

nFinanSe Inc., a financial services company and provider of stored value and prepaid card solutions, is reducing retail price of its Reloadable Prepaid Card to $3.00 from $5.95 effective July 1, 2009. The move comes as Wal-Mart announced recently that it reduced the price of its reloadable card from $8.94 to $3.00.

nFinanSe thinks the initiative will encourage usage and trial among the 73 million Americans who are cash based and who do not have a traditional banking relationship.

After the price change, nFinanSe will offer its Reloadable Cards through major retailers with a $3.00 initial sales price, and continue its low $2.95 monthly maintenance fee, $2.95 reload fee as long as free 24/7 customer service and free direct deposit.

“Our goal is to price our product in a way that encourages mass market trial and usage. As a former retailer myself, I understand that retailers feel that they have an obligation to provide choice and selection for their customers. We want to provide to major retailers a comparably priced product to Wal-Mart’s reloadable prepaid card so that they can incorporate it into the mix of prepaid cards they offer their customers,” says Jerry R. Welch, Chairman and CEO of nFinanSe.