It's not a new product. These type of prepaid Visa/Master Cards have been around for YEARS, think it was 2000 or 2001 that I saw the first ones. Not to mention Visa/Master Card back debit cards.
It's just a new brand with a new marketing scheme.
There is another prepaid card available here in Canada but the fees are much higher. Currently the only debit cards in our market can only be used in Canada and cannot be used for online transactions.