The Kardashians are everywhere at the moment. The Kardashian brand is in its ascendency and the three Kardashian sisters are doing the smart thing – milking it for all it’s worth while they still have the chance.

On October 28, the Kardashians entered the financial services arena by launching a new prepaid MasterCard in partnership with Mobile Resource Card. The card is issued by University National Bank.

The launch party for the new Kardashian Kard was held at New York City’s Pacha nightclub on November 9, attracting hundreds of Kardashian fans and the expected media hype.

As with many prepaid cards, the Kardashian Kard is loaded with fees starting with a monthly fee of $7.95, although you can sign up for six or twelve month plans.

However, Kim Kardashian is promoting the fact that cardholders can transfer money between accounts using a mobile phone. On her website she says: “To me, the coolest thing about this prepaid card is that when you get the card you also get a Mobile Money account for free and you can transfer your money between your accounts when you need it, using your phone. It’s like having an ATM in your phone, LOL. No one likes going to banks and ATMs and we’re constantly on our phones, so why not make it easy to manage your money from your mobile!?” Cardholders can even by-pass their bank completely by having their paycheck deposited directly to the card.

Non-fans might mock the Kardashian’s but Kim makes an excellent point that will appeal to her young, mostly female, fan base. And while it is easy to dismiss this launch, here is a striking fact: Kim Kardashian has 5 million followers on Twitter and more than 3 million on Facebook which is far more than most financial services firms. The Chase Community Giving Campaign – one of the more successful forays into social media from a financial services company – has just over 2 million signed up to its Facebook page. Furthermore, Kim Kardashian’s fans are engaged and willing to follow her lead. In an interview with NBC’s Matt Louer she explained how fans could “relate” to her brand. Not something that is often said about financial services companies.

The Kardashian’s are tapping into a growing market. According to a recent study by the Boston Consulting Group, the prepaid market is projected to reach more than $440 billion in value by 2017 compared with an estimated $120 billion in 2009. In July 2010, Green Dot launched its IPO as a result of rapid growth fueled by its partnership with Wal-Mart. Green Dot rival, Net Spend, followed with an IPO in October.

The Kardashian’s are not the first celebrities to enter prepaid card world: Russell Simmons, founder of Def Jam Recording and Phat Farm Clothing, promotes the Prepaid Visa Rush Card via his company UniRush. The Rush Card was launched in 2003 to provide “a set of basic financial services for over 48 million Americans who could not previously establish traditional banking relationships.”

There has been some negative publicity surrounding the launch of the Kardashian Kard related to it reportedly being targeted towards teens as young as 13. However on the website www.KardashianKard.com, it clearly states that you have to be 18 years or older to apply and Kardashian fans, the only applicants, will hardly be put off.

It is unlikely that the banks will be losing much sleep over the Kardashian Kard. However, the growth of the prepaid market is a significant development and this latest product launch illustrates how a strong brand can be used to tap in to a loyal fan base and target a group that are more open to non-traditional methods of accessing their money.

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