A decade ago Steven Streit found himself sitting in the front of the Rite help drugstore administrator pitching an item that don’t yet occur. Their concept: a card that folks without access to credit could stock up with use and money to search like most other plastic-endowed United states.
With all this inauspicious begin, the prepaid credit card concept spent some time working down pretty much for Streit. Today, at age 49, he’s the main professional of prepaid credit card frontrunner Green Dot, whose cards in blood circulation have become 26% within the previous 12 months to 3.4 million. Streit’s 14% of publicly detailed Green Dot may be worth nearly $270 million.
The situation with this particular photo: Big banking institutions now want a bit of the action as Capitol Hill attempts to restrict exactly how much they are able to charge credit and debit card clients in swipe fees–a move anticipated to price banking institutions $13 billion yearly.