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09/02/2010 -
Canadian businesses whose merchant services include prepaid card processing may soon see a spike in their payment processing activity, as prepaid telecom and prepaid financial services firm SelectCore announced Tuesday the launch of the country's first reloadable prepaid card sold in retail locations.Dubbed the Iridium Card, the prepaid offering is MasterCard co-branded and can be purchased for $3.99 at more than 4,000 retail locations across Canada.
The card can be reloaded with a balance of up to $5,000, and comes with online account access, text message alerts, money transfers, ATM access, bill pay, direct deposit, and other features.
"The Iridium Card is a bank for the un-banked," said Keith McKenzie, CEO of SelectCore. "From direct deposit to bill payments, ATM access and more, it's just like having a checking account. SelectCore is now diversifying and expanding into the high-margin prepaid financial services industry, opening the door for many new opportunities."
Prepaid cards are no longer just for the unbanked - experts say that the recession has caused many banked consumers to increase their use of prepaid cards in an effort to maintain stricter control over their finances.
