Mint, Inc. And Now Prepay Go Live With The First Nationwide Retail Network Designed For Reloading Prepaid Credit Cards In Canada
Now Prepay, a subsidiary of VendTek Systems Inc. (TSX-V: VSI), a leading provider of software for prepaid service distribution, and Mint Inc., a subsidiary of Mint Technology Corp. (TSX-V: MIT) and Canada's first provider of prepaid credit card programs, announced that the first retail-based cash acceptance network designed for reloading prepaid financial products has launched under a partnership previously announced in a news release dated November 9, 2005.
Initially 1,000 of Now Prepay's 8,500 retail partner locations across Canada will provide a secure point-of-sale system for activating and reloading prepaid credit card products from Mint's portfolio of cards over Now Prepay's existing national prepaid network. Retailers prominently display the Mint logo so that valued customers will be able to know where to purchase prepaid credit cards and existing cardholders can reload their cards with funds. As an added convenience, Now Prepay has also included a "location look up" feature on its web site so that customers can locate a merchant near them.
"There are an estimated 3,000,000 or more Canadians who are the target consumers for these cards, let alone traditional credit card users who also benefit from using a prepaid credit card. This network will enable wide distribution and the reloading of prepaid credit cards to these markets and Now Prepay is excited to provide the first widespread distribution channel to get these products into people's hands and to provide them with convenient outlets to reload more money onto their cards," said Doug Buchanan, President, Now Prepay.
"As a Canadian first, this initial phase of implementation of a reload network further reinforces our leadership in the market. In addition to offering our cardholders the convenience of topping up their cards, we are also excited to be able to provide our cobrand partners with a vehicle to sell their cards," said Frank Maduri, president and CEO, Mint Technology Corp. "In the United States, where similar prepaid products have been available for over six years, an extensive network of reload centres can be found in the majority of retail chains across the country and we look to the huge success story there to pave the way in Canada."
Prepaid credit cards require no credit check and therefore can offer an alternative and often necessary method of payment to many Canadians. Individuals who may require the convenience and security of a traditional credit card, but are unable to qualify due to credit issues and age requirements, are now able to obtain a prepaid, reloadable credit card. Prepaid credit cards can be used at the millions of worldwide locations where traditional credit cards are accepted today including retailers, websites, mail order, mobile purchases and ATM cash withdrawals.
About Mint Technology Corp.
Mint is a leading payment solutions company. Through its payment platform and prepaid credit card programs, Mint is the first in Canada to facilitate and deploy prepaid MasterCard cards with unique features such as co-branding and loyalty programs, and new wireless payment alternatives such as MasterCard cards with PayPass functionality and cellphone-based Parking. The company is headquartered in Toronto, Ontario. To find out more about Mint Technology Corp. (TSX-V: MIT), visit our Web site at http://wwww.mintinc.com.
About VendTek and Now Prepay
VendTek Systems Inc. develops and licenses e-Fresh software and related technologies, which provides electronic distribution of prepaid telecommunication and financial services. VendTek is commercializing the e-Fresh software under license to create sustainable and recurring revenues. VendTek's customers and its subsidiaries, Now Prepay Corp. (in Canada) and VendTek Systems Technologies (in China), are using e-Fresh 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 server. This system creates significant value through improved efficiencies compared to the traditional distribution paradigm. e-Fresh reduces shrinkage and inventory requirements while improving consumer access to prepaid services since it is completely electronic and eliminates physical cards and vouchers.