MetaBank, Fiserv win U.S. Treasury contract to issue Visa pre-paid cards loaded with stimulus cash

By Katanga Johnson

WASHINGTON (Reuters) – MetaBank , Fiserv win U.S. Treasury contract to issue VISA pre-paid cards loaded with coronavirus stimulus payments, according to two people familiar with the matter.

The move by the Treasury to tap pre-paid card issuers comes after industry groups pushed for the agency’s Internal Revenue Service to allow this pre-paid form of stimulus payments, which is designed to help millions of Americans struggling due to coronavirus lockdowns.

(Reporting by Katanga Johnson, Editing by Franklin Paul)