VANCOUVER – Jan 13, 2014 - VendTek Systems Inc. (TSX-V – VSI) (the “Company” or VendTek”), a developer and licensor of software for the global pre-paid and financial services markets is pleased to announce that its wholly-owned Brazilian subsidiary, Now Prepay Servicos de Informatica Ltda. (“NPSI”), has signed a distribution agreement with 2MS PLAY COMÉRCIO E DISTRIBUIÇÃO LTDA, MEO authorized distributor.
MEO Money Card MasterCard ® is owned by Banco Bonsucesso SA, and was Brazil’s first general purpose reloadable prepaid MasterCard promising to revolutionize financial inclusion among individuals with limited access to financial services, leveraging non-traditional channels of acquisition, proprietary mobile payments technology and a robust debit card program platform. October 30, 2012 was the official launch of MEO Money Card in partnership with Rev Worldwide and MasterCard ®.
According to a 2012 MasterCard® study, the Brazilian prepaid card market is estimated to rise from $1.7 billion in 2009 to $17 billion in 2017.
In addition to enjoying the benefits of MasterCard acceptance across a network of over 30 million merchants and hundreds of thousands of ATMs worldwide, including the thousands of Cirrus ATMs. The MEO Card will also allow users to send money from one account to another using their mobile phone, via SMS and smart phone application. Additionally, it will also feature carrier-agnostic mobile top-ups for pre-paid phones, allowing customers to track deposits, payments and balances in real time.
Through this new partnership, Now Prepay added MEO to its portfolio and already purchased its first batch of cards. Sales of the product have started and we estimate to sell approximately 1000 units during the first month of operation.
“MEO MasterCard® is another innovative product that we can add to our product offerings in Brazil. As of 2012, 40% of the economically active population in Brazil does not have access to financial services and 55% of people still get paid in cash. MEO MasterCard® will provide an easy way for people to bank without having to go to a financial institution. They can pay bills, transfer funds and other features all through this card.” Said Doug Buchanan, President and CEO of VendTek Systems Inc.
VendTek develops and licenses automated transaction system software and supporting technologies. VendTek's customers, subsidiaries and its Now Prepay division use e-Fresh™ software to build electronic, prepaid services networks that enable consumers to purchase prepaid products and services via POS and self-serve terminals connected to a central server. This system creates significant value through improved efficiencies compared to a traditional distribution model. e-Fresh™ reduces shrinkage and inventory requirements for vendors while improving consumer access to prepaid products and services by completely eliminating physical cards and vouchers. VendTek has deployed its software around the world including Canada, United States, Asia, the Middle East and Africa. For further information please visit the Company's websites www.vendteksystems.com and www.nowprepay.com.
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