October 04, 2011 07:30 ET

BillMyParents BMPI Hires Former Head of Wells Fargo Credit Card Division

NOTE TO EDITORS: The Following Is an Investment Opinion Being Issued by the IO News Wire.

NEW YORK, NY--(Marketwire - Oct 4, 2011) - BillMyParents (OTCBB: BMPI) has announced the addition of Michael R. McCoy as the new Chairman of the Board of Directors and Chief Executive Officer.

Mr. McCoy was responsible for over $17 billion in receivables and 4,000 employees in his previous role at Wells Fargo (NYSE: WFC). Most recently, BillMyParents entered into a partnership with Procter & Gamble's (NYSE: PG) marketing agency Tremor, whose Vocalpoint network of 600,000 interactive moms is expected to give BillMyParents brand exposure to as many as 2.5 million moms in the US. The company's website has shown significant gains in traffic this year, with over 770,000 unique visitors in August 2011 alone.

The total value of the branded prepaid card opportunity in the United States is expected to surpass $440 billion by 2017, nearly quadrupling its estimated value of $120.2 billion in 2009, according to independent research commissioned by MasterCard (NYSE: MA).

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