TIO self-serve financial services kiosks to become reload centers for
eligible Visa prepaid cards at ExxonMobil, Circle K and other
participating convenience store chains
BURNABY, BC, Oct. 11 /CNW/ - TIO Networks Corp., (TSX.V-TNC), North
America's leading automated "walk-up" bill payment and financial services
network, and Visa today announced a strategic agreement to provide consumers
with secure and convenient access to reload their eligible Visa prepaid cards
with cash through Visa ReadyLink, Visa's prepaid load network.
TIO will implement Visa ReadyLink at ExxonMobil, Circle K and other
participating TIO Networks convenience store chains before the end of 2007.
Customers will be able to load cash funds to eligible Visa reloadable prepaid
cards at TIO's self-serve automated financial services kiosks and hybrid ATMs
24 hours a day, seven days a week.
"Our strategic alliance with TIO creates a new channel for Visa and our
bank clients to reach consumers, especially those without access to a
traditional bank account or a payments card," said Nizam Antoo, vice
president, prepaid products, Visa. "By making Visa reload capabilities
available through TIO's national network of financial services kiosks, we're
able to offer greater access and convenience for Visa prepaid cardholders who
are looking for an alternative to cash and checks."
"This agreement marks a significant milestone in TIO's efforts to become
the leading national self-serve automated reload network in the United
States," said Hamed Shahbazi, Chairman and CEO of TIO Networks. "TIO is deeply
committed to enabling reload capabilities to support the growing number of
According to Visa estimates, there are approximately 80 million
financially underserved consumers in the U.S., or those who lack access to a
payment card or are without a traditional banking relationship. This consumer
segment receives approximately $1 trillion in annual income and relies heavily
on cash for everyday transactions.
While direct deposit is the primary method many cardholders use to fund
reloadable Visa prepaid cards, Visa research shows consumers also want the
flexibility to add funds to prepaid cards at everyday shopping locations, like
convenience stores and gas stations. The availability of the service at
participating TIO Networks convenience store chains may help to enhance the
utility of existing reloadable prepaid card products offered by Visa issuers,
including payroll, general purpose reloadable and government disbursement
About TIO Networks Corp.
TIO Networks Corp. is North America's largest multi-retailer network of
non bank financial services for the 'cash preferred' consumer marketplace. The
Company operates in more than 2000 locations and provides safe secure access
to bill payment and other key financial services. For more information, please
Visa operates the world's largest retail electronic payments network
providing processing services and payment product platforms. This includes
consumer credit, debit, prepaid and commercial payments, which are offered
under the Visa, Visa Electron, Interlink and PLUS brands. Visa enjoys
unsurpassed acceptance around the world and Visa/PLUS is one of the world's
largest global ATM networks, offering cash access in local currency in more
than 170 countries.
For more information, visit www.corporate.visa.com.
The TSX Venture Exchange has not reviewed this news release and does not
accept responsibility for its adequacy and accuracy.
For further information:
For further information: Behshad Hastibakhsh, Media Relations - TIO
Networks, Tel: (604) 298-4636, Ext. 250, Toll Free: (888) 679-3322, Email:
pr@TIOnetworks.com; John Lewis, Business Development - TIO Networks, Tel:
(416) 364-2266, Email: jrlewis@TIOnetworks.com; Jennifer Doidge - Visa, Tel:
(415) 932-2350, Email: firstname.lastname@example.org