Piper Jaffray wrote that Green Dot, the prepaid Visa and MasterCard issuer, appears to be holding its own against BlueBird™, a new competing offering from American Express (AXP).
Piper analyst Michael Grondahl wrote that the firm’s completed a survey of 75 Wal-Mart (WMT) stores, finding that American Express’ (AXP) new debit card is taking a significant amount of market share in 15% of the stores from Green Dot. Green Dot started selling the card in Walmart stores in 2006.
Forty-five percent of the stores reported that Green Dot wasn’t losing ground to American Express. However, 40% told Piper that while Green Dot is still selling well, Green Dot has been negatively impacted by the introduction of the Amex BlueBird card.
The battle for shopping isle supremacy among the prepaid issuers continues…