Magazine article American Banker

MasterCard to Pitch Prepaid Products to Hispanic Market

Magazine article American Banker

MasterCard to Pitch Prepaid Products to Hispanic Market

Article excerpt

Byline: Maria Aspan

MasterCard Inc.'s efforts to make consumers more aware of prepaid products will be concentrated, at least for the moment, on the Hispanic market.

The Purchase, N.Y., company is expected to unveil a new Spanish-language marketing and consumer-education campaign today aimed at attracting more business from Hispanic consumers.

The campaign will include a television commercial intended to persuade consumers to switch from cash to prepaid reloadable debit cards.

MasterCard hopes to make about 44 million Hispanic consumers aware of its products and "introduce them to the benefits of plastic versus cash," said Chris Jogis, the company's senior vice president of U.S. consumer marketing.

Hispanic consumers are a large part of the "underbanked" population, which lacks relationships with traditional financial institutions or prefers using alternative providers like check cashers or remittance companies.

MasterCard has made various efforts to market to this group of consumers since 2000, according to Jogis, but the TV component of the new campaign includes a specific reference to prepaid cards. That reference is meant to highlight "how the prepaid product is a perfect vehicle for Hispanics to use instead of cash."

The commercial, part of MasterCard's "Priceless" ad campaign, will run for the rest of this year in 11 U.S. markets where there is a high concentration of Hispanic consumers: Chicago, Dallas, Houston, Los Angeles, Miami, New York, Phoenix, Sacramento, San Antonio, San Francisco and Harlingen, Texas.

Jogis would not discuss the budget for the campaign, which also includes national Spanish-language radio and online advertisments. …

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