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25/02/2011 -
SelectCore, a prepaid industry payment processing company, recently announced the launch of Canada's first ubiquitous cash reload network for prepaid stored-value cards - ReCash.Canada's ReCash is similar to Green Dot Corporation in the U.S., providing a platform for consumers to securely load cash onto their reloadable prepaid Visa or MasterCard cards. Cardholders can purchase a ReCash Voucher for a fee of $4.95 with any value up to $500 from a participating retail outlet. Customers can use text messaging, call a toll-free phone number or go online to transfer funds to their cards. The launch of ReCash will start with retailers that have point-of-sale terminals owned by SelectCore.
"ReCash will play a key role in providing financial empowerment to millions of credit-challenged consumers who are underserved by Canada's financial institutions," said Ryan Deslippe, president of SelectCore.
In the U.S., prepaid card reloads exceeded $165 billion last year, a number that is expected to double by 2013, according to SelectCore. Green Dot is the leading reloadable card provider in the U.S.and the Globe and Mail reports that it gets two-thirds of its revenue from Walmart.
