Comerica Bank CMA and MasterCard MA, in
partnership with the U.S. Department of the Treasury (Treasury), today
announced that Direct Express^® Debit MasterCard^® cardholders will soon have
access to a customized version of PayPerks: a financial education platform
that rewards users for engaging with its web- and mobile-based financial
literacy curriculum. This is the first implementation of PayPerks as an
optional feature on MasterCard's federal, state and local government prepaid
programs, originally announced at the White House Summit on Financial
Capability and Empowerment.
The PayPerks curriculum consists of dozens of illustrated tutorials on
financial literacy topics ranging from how to create a budget to how to start
saving. To ensure Direct Express^® cardholders receive relevant, actionable,
and engaging content, PayPerks has created dozens of educational modules
specific to helping Direct Express^® cardholders minimize fees and maximize
the safety and convenience benefits of their MasterCard-branded prepaid debit
card. The modules are designed to take only a few minutes apiece to complete,
and are subtitled, in multiple languages, in understandable and
straightforward language.
The addition of PayPerks to the Direct Express^® card program represents an
innovative effort to help Treasury ease the transition from paper checks to
electronic payments. Introduced in June 2008, the Direct Express^® card has
helped more than 3 million Americans – two-thirds of whom did not have
traditional bank accounts when they signed up for the card – to safely and
easily access their federal benefit payments electronically. However,
approximately 5.2 million paper checks are still sent to federal benefit
recipients each month. Treasury is urging these individuals to switch to
electronic payment well ahead of the March 1, 2013, the deadline for all
federal benefits to be paid electronically.
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