Cuentas, a Miami-based prepaid debit card company targeting Spanish-speaking populations, wants to turn convenience stores into financial hubs through Cuentas-branded debit cards and accounts. The cards, which will launch in early September, will be linked to an online bank account from Sutton Bank. Customers can the reload the cards at any SDI Next convenience store location, of which there are more than 31,000 in major cities across the U.S.
Arik Maimon, CEO of Cuentas, said the company is pitching the additional services that convenience stores offer as a driver for customer acquisition. In addition to Cuentas account top ups, customers can buy and reload public transportation tickets and international calling cards in stores or through the Cuentas app.
The move to turn retail stores into financial hubs is nothing new. For example, Walmart’s Money Services centers offer an array of over-the-counter banking and money transfer services, and 7-11 stores let customers top up their Amazon Cash prepaid cards at checkout.