VANCOUVER, Dec. 14 /CNW/ - VendTek Systems Inc. (VSI - TSX Venture) ("VendTek"), Peoples Card Services ("Peoples"), an affiliate of Peoples Trust Company, and Visa Canada are pleased to announce the launch of Canada's first prepaid virtual Visa program.
The launch of the product follows an agreement between VendTek, Peoples and 3V Transaction Services Ltd ("3V"), Ireland's leading online payments company, to launch the 3V Virtual Visa flagship product in Canada.
The 3V Voucher is an easy to use online payment method, allowing customers to shop online or by phone using a prepaid disposable 16-digit Visa number. These virtual Visa numbers can be used online just like a standard credit card.
The 3V voucher program will be introduced to the Canadian market in December. Customers will be able to buy 3V vouchers from participating Now Prepay serviced retail outlets in the same way they currently purchase credit 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 enticing customers to try this safe new way to shop online. The program will permit customers to move funds between their 3V virtual Visas or deposit funds back to their bank accounts if they so wish.
The 3V Voucher is designed to enable people to go online and shop instantly without any un-necessary delays. "We believe this will be a very popular product for the Canadian market and we are extremely pleased that 3V has chosen VendTek as their distribution partner. We have approximately 15,000 terminals on our Canadian network and we will provide them with a wide customer base to launch the Virtual Visa voucher program," stated Doug Buchanan, President and CEO of VendTek.
Launched in October 2005 in Ireland, 3V now has over 400,000 customers and operates in the Republic of Ireland, the United Kingdom and Germany.
"We are pleased and excited to be a part of this innovative product offering and are confident it will be of significant benefit to Canadian consumers," stated Frank Renou, President and CEO of Peoples Trust Company.
"We're delighted to partner with VendTek Systems and Peoples Trust Company on the virtual Visa voucher program by 3V, which will provide Canadians with an innovative and convenient payment solution," said Brian Triplett, Head of Global Prepaid Products, Visa Inc.
Under the terms of the agreement, Peoples will act as the Visa issuer and VendTek will be responsible for marketing and distribution of the 3V product. VendTek, Peoples and 3V expect to spend up to $300,000 in marketing the costs in the first year.
VendTek develops and licenses automated transaction system software and supporting technologies that improve the efficiency of product delivery, reduce costs to clients and offer superior safety measures. VendTek's customers, its division Now Prepay and its subsidiaries are using e-Fresh(TM) software to build electronic, prepaid services networks, which enable consumers to purchase prepaid services via POS and self-serve terminals connected to a central e-Fresh(TM) server. This system creates significant value through improved efficiencies compared to the traditional distribution paradigm. e-Fresh(TM) reduces shrinkage and inventory requirements while improving consumer access to prepaid services by completely eliminating physical cards. For further information please visit the Company's websites www.vendteksystems.com and www.nowprepay.com.
About Peoples Trust Company
Peoples Trust has become a very successful provider of financial services by combining price competitive products with truly exceptional customer service and support. They maintain a unique and enviable position among Canada's financial institutions as a result of long-term profitability, steady asset growth and the ability to perform above and beyond customers' expectations. Peoples Trust is headquartered in Vancouver, British Columbia, Canada.
Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world's most advanced processing networks - VisaNet - that is capable of handling more than 10,000 transactions a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank, and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: Pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit www.corporate.visa.com.
About 3V Transaction Services Ltd.
3V Transaction Services Ltd. provides innovative prepaid debit products primarily for use in online payment transactions. Following their launch in October 2005 in Ireland, 3V Vouchers has launched in the UK in 2006 and will be rolling out into Europe throughout 2010. With over 400,000 customers, 3V Vouchers enable everyone over the age of 16 to shop online, wherever VISA is accepted - without using either a credit or debit card. Simple to buy - just like purchasing mobile phone top up - the 3V Voucher allows you to shop online without the fear of fraud or going into the red. The patented 3V Voucher enables people who currently want to shop online but can't, as well as those that don't want to use their credit or debit card due to the fear of fraud or overspending.
SOURCE VendTek Systems Inc.
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