BillMyParents, Inc. (OTCQB: BMPI)(OTC.BB: BMPI.OB)
, the leader in teen spending solutions, provides modern families with innovative products and services that promote responsible teen spending habits that last. Its flagship product, the BillMyParents SpendSmart MasterCard card, is a reloadable prepaid card for teens 13+.
A recent press release provides an overview of the company, including recent strategic changes and the company's new direction:
"Wall Street has been hearing more about the firm the Company brought on their new CEO, Michael McCoy who joined the firm after leaving from his position as President of Wells Fargo's credit card division. Since Mr. McCoy has taken the helm he and his team have brought on board a strong team of industry experts to steer the company through an anticipated high growth strategy set to take place starting now and playing out over the next few years."
Commenting on the prepaid market, Todd Ablowitz, President of Double Diamond Group, LLC, a payments industry consultancy based in Colorado, is quoted as saying that,
"With teen buying power topping $200 billion, by some estimates, it's definitely an attractive target market. However, a number of prepaid providers have yet to crack the code on effectively capturing the teen market."
The release notes that "With light fees, compared to most other pre-paid cards, BillMyParents should still manage to generate strong revenues. With a monthly fee of $3.95 and a low load fee of $0.75 per load, as well as ATM fees and use fees from vendors, analysts estimate revenues per card between $8 and $12/month. At one million users in 24 months the revenues for the Company could be between $8 million and $12 million per month or $96 million to $144 million per year."
The press release also covers the company's background, competive advantages, recent milestones, and 18-24 month projectory.
Read more at Reuters.com