Put Elvis in you Wallet
Memphis Business journal-updated: 3:37 p.m. CDT,Thursday
Elvis Presley Enterprises has licensed a company to create an Elvis branded debit card.
The Elvis Presley Prepaid Visa is being created by EDP Technologies Corp., based in Valley Village, Calif., and released by subsidiary EDP Licensing. The company says the Elvis card will be among the first celebrity-branded debit cards.
"We are excited to bring the Elvis legend to our innovative card product line and believe that this marks a milestone in the prepaid card industry," said EDP CEO Paul Cleveland in a statement.
The company plans to introduce a series of the cards with different images of Presley, and the company is promoting the cards as collectible items.
Elvis Presley Enterprises already licenses an Elvis Presley Visa credit card.
Americans' use of debit cards has been rising rapidly in recent years, as much as 40 percent in the past two years, according to Cardweb.com.
Last year, more purchases and bills were paid with debit cards than with checks, the EDP release state. For the past two years, debit card use has surpassed the credit card, the company said.
EDP Licensing, EDebitPay and EDP Secure Deposit Card are wholly-owned subsidiaries of EDP Technologies Corp., a leading marketing group in the country.
Elvis Presley Enterprises Inc. is based in Memphis and is a subsidiary of CKX Inc. (Nasdaq: CKXE).
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