VendTek, Peoples Card introduce virtual prepaid ViVendTek, Peoples Card introduce virtual prepaid Visa
VendTek Systems Inc (C:VSI)
Shares Issued 45,025,461
Monday December14 2009 - News Release
Mr. Doug Buchanan reports
VENDTEK, PEOPLES TRUST AND VISA CANADA ANNOUNCE LAUNCH OFCANADA'S FIRST VIRTUAL PREPAID VISA PRODUCT
VendTek Systems Inc., Peoples Card Services, an affiliate ofPeoples Trust Company, and Visa Canada have launched Canada's first prepaidVirtual Visa program.
The launch of the product follows an agreement betweenVendTek, Peoples and 3V Transaction Services Ltd., Ireland's leading on-linepayments company, to launch the 3V Virtual Visa flagship product in Canada.
The 3V voucher is an easy-to-use on-line payment method,allowing customers to shop on-line or by phone using a prepaid disposable16-digit Visa number. These Virtual Visa numbers can be used on-line just like astandard credit card.
The 3V voucher program will be introduced to the Canadianmarket in December. Customers will be able to buy 3V vouchers from participatingNow Prepay serviced retail outlets in the same way they currently purchasecredit for their prepaid mobile phones.
Voucher denominations will initially range from $20 to $500.The minimum $20 denomination will come without a purchase fee thereby enticingcustomers to try this safe new way to shop on-line. The program will permitcustomers to move funds between their 3V Virtual Visas or deposit funds back totheir bank accounts if they so wish.
The 3V voucher is designed to enable people to go on-line andshop instantly without any unnecessary delays.
"We believe this will be a very popular product for theCanadian market and we are extremely pleased that 3V has chosen VendTek as theirdistribution partner. We have approximately 15,000 terminals on our Canadiannetwork and we will provide them with a wide customer base to launch the VirtualVisa voucher program," stated Doug Buchanan, president and chief executiveofficer of VendTek.
Launched in October, 2005, in Ireland, 3V now has over400,000 customers and operates in the Republic of Ireland, the United Kingdomand Germany.
"We are pleased and excited to be a part of this innovativeproduct offering and are confident it will be of significant benefit to Canadianconsumers," stated Frank Renou, president and CEO of Peoples Trust Company.
"We're delighted to partner with VendTek Systems and PeoplesTrust Company on the Virtual Visa voucher program by 3V, which will provideCanadians with an innovative and convenient payment solution," said BrianTriplett, head of global prepaid products, Visa.
Under the terms of the agreement, Peoples will act as theVisa issuer and VendTek will be responsible for marketing and distribution ofthe 3V product. VendTek, Peoples and 3V expect to spend up to $300,000 inmarketing the costs in the first year.
? 2009 Canjex Publishing Ltd.