System Enhancement to Bring Visa Ready Link to Participating ATMs
Nationwide
SAN FRANCISCO--(BUSINESS WIRE)--Sept. 25, 2008--Visa Inc. (NYSE:
V) today announced an enhancement to its prepaid reload network, Visa
ReadyLink, which will enable consumers to add funds to eligible Visa
prepaid cards at participating automated teller machines (ATMs) that
accept envelope-free deposits across the United States. The new
service is expected to rollout later this fall.
More than 7,000 merchant locations across the U.S. have
implemented Visa ReadyLink since it first launched in 2006. The
innovative service supports the adoption of prepaid products by
helping meet the needs of financially underserved consumers - the more
than 80 million consumers in the U.S. who lack access to a payment
card or a traditional banking relationship, and who rely heavily on
cash for everyday transactions.
With Visa ReadyLink, consumers have an easy way to reload funds to
Visa reloadable prepaid cards - including payroll, general purpose
reloadable and government disbursement cards - at everyday merchant
locations like supermarkets and convenience stores, providing
immediate access to funds with a safer, more convenient payment
alternative to cash and checks.
Using Visa ReadyLink at the ATM
Today, thousands of envelope-free ATMs enable customers to
conveniently make deposits by simply inserting cash or paper checks
directly into a financial institution's ATMs. Likewise, consumers with
eligible Visa reloadable prepaid cards will be able to add cash funds
to their cards conveniently and securely in the same manner at
participating ATMs.
"Standing in long check-cashing lines and carrying around a week's
wages in cash is often the norm for people without access to a
payments card or bank account," said Brian Triplett, Global Head of
Prepaid Products at Visa Inc. "By bringing Visa ReadyLink first to
retailers and now offering advancements to make reload capabilities
available at ATMs, we can provide a much safer and easier alternative
for cardholders. We intend to continue to use the value of Visa's
network to grow the prepaid category in ways that help our partners
capture a greater share of cash and check spend."
Partner Benefits
In addition to consumer benefits, the expansion of Visa ReadyLink
delivers greater value to ATM owners and financial institutions. For
ATM owners, Visa ReadyLink creates an opportunity to provide
innovative services to customers that can help drive incremental
revenue--all through an existing VisaNet connection. For financial
institutions, VisaReadyLink transactions are processed like any Visa
transaction; and as with any authorized and approved transaction,
funds are guaranteed by the ATM acquirer to the card issuer.
Visa and its partners are investing in the growth of the prepaid
category to penetrate paper-heavy payment segments in the U.S., while
creating opportunities for Visa to grow electronic payments in
countries that still rely heavily on cash - Visa's largest global
competitor. Increasingly, consumers are turning to prepaid products
for the convenience and security they provide, while businesses and
governments are realizing cost savings and efficiencies by
distributing payroll and benefits - like unemployment and child
support funds with a Visa prepaid card instead of checks.
Those interested in learning more about implementing Visa
ReadyLink should contact their Visa account executive. More
information about the service is also available at
www.visa.com/reloadable.
About Visa Inc.
Visa Inc. operates the world's largest retail electronic payments
network providing processing services and payment product platforms.
This includes consumer credit, debit, prepaid and commercial payments,
which are offered under the Visa, Visa Electron, Interlink and PLUS
brands. Visa enjoys unsurpassed acceptance around the world, and
Visa/PLUS is one of the world's largest global ATM networks, offering
cash access in local currency in more than 170 countries. For more
information, visit www.corporate.visa.com.
CONTACT:
Visa Inc.
Jennifer Doidge, 415-932-2564
globalmedia@visa.com
SOURCE: Visa Inc.