Prize Savings, a Prize-Linked Savings feature on the Walmart Prepaid MoneyCard, has won the Best Prepaid Incentive Program Award at the 2017 Pay Awards. The results are the combination of votes from the expert judging panels and the aggregated results of online voting. This year, more than 33,000 votes were cast.
Prize Savings launched in August 2016, as a joint effort between Commonwealth, Walmart, and Green Dot bank. With Prize Savings, Walmart MoneyCard holders are given entries to a cash prize drawing by moving some of their card balance to a savings pocket. Within just a few months of launch, Walmart MoneyCard holders’ average savings increased by 38%, and the number of savings pocket users increased by 130%. Learn more in a recent article from The Atlantic.
The Pay Awards are run by Paybefore, a global source for industry news, information and analysis in the world of prepaid, payments technology, commerce and loyalty.