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Payments processor TSYS buying NetSpend for $1.4B

By The Associated Press
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Total System Services Inc. is buying debit card provider NetSpend for about $1.4 billion in cash to expand into the fast-growing prepaid card business.

The deal will give the payment services company access to the roughly 68 million “underbanked” customers that NetSpend targets. Such people are often lower income, without a traditional bank account.

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