WILMINGTON, Del.--(BUSINESS WIRE)--
The Bancorp Bank Payment Solutions Group, a division of The Bancorp Bank
(“Bancorp”), a wholly owned subsidiary of The Bancorp, Inc. (Nasdaq:
TBBK), today announced a new relationship with Net1 Virtual Credit Card,
Inc., a wholly-owned subsidiary of Net1 UEPS Technologies, Inc. (NASDAQ:
UEPS), to offer VCpay™, a prepaid virtual payment card application
designed for Card-Not-Present (CNP) transactions, into the mobile
payments market. Since its launch a month ago, the VCpay™ application
has been distributed to tens of thousands of smartphones with
significant adoption anticipated in coming months.
Metro PCS, Net1’s first distributor of VCpay™, has several million
subscribers and is offering VCpay™ to its prepaid customers as an
application that will be pre-loaded on new smartphones or can be
downloaded on select existing devices. VCpay™ allows a subscriber to
access the MetroPCS Virtual Prepaid MasterCard® which
generates unique, one-time use prepaid virtual card numbers to securely
purchase goods and services or perform bill payment in any CNP
environment. The MetroPCS Virtual Prepaid MasterCard is the first mobile
phone-based prepaid program with no requirement for the user to have a
physical card or a bank account. Subscribers can load their prepaid
virtual accounts with cash at any of MoneyGram’s 40,000 U.S. agent
locations, including many grocery, pharmacy and convenience store chains
or shortly with direct deposits into their mobile account via bank
transfers (ACH).
”While we continue to see rapid growth in e-commerce, the unbanked and
under-banked population has typically been excluded from this
transformation due to limited access to acceptable forms of electronic
payment. VCpay™ links a mobile device to a reloadable prepaid virtual
account and can be used for CNP transactions such as purchases, bill
payment and remittance, wherever Debit MasterCard is accepted. VCpay™
can be funded with cash deposits or free ACH transfers. We are extremely
pleased with our relationship with The Bancorp, one of the most
innovative issuers of prepaid cards. We expect to leverage our
partnership to offer VCpay™ to other distributors over time,” said Eric
Meniere, President of Net1 Virtual Credit Card, Inc.
“We are excited to announce this relationship with Net1 as it is
consistent with our commitment to “Changing the Way America Pays”
through the development of innovative products. We believe it is
critical to offer the tools that consumers require to meet their diverse
needs and to simplify their payment processes,” said Jeremy Kuiper,
Managing Director – The Bancorp Payment Solutions Group.
For more information regarding The Bancorp Bank’s payment solutions
please contact Lindsey Frank at 952-449-6014.
MetroPCS Virtual Prepaid Card is issued by The Bancorp Bank pursuant to
license from MasterCard International Incorporated. The Bancorp Bank;
Member FDIC. MasterCard is a registered trademark of MasterCard
International Incorporated.
About The Bancorp Payment Solutions Group
The Bancorp Payment Solutions Group, a division of The Bancorp Bank
(“Bancorp”), a wholly owned subsidiary of The Bancorp, Inc. (Nasdaq:
TBBK), offers secure, creative and innovative payment solutions to the
prepaid card industry. As a leading issuer of prepaid cards, The Bancorp
Payment Solutions Group contributes to the success of Fortune 500
companies through the development of cutting-edge prepaid card programs
that meet the rapidly changing needs of the prepaid industry. Through
long-standing relationships with the MasterCard, Visa, and Discover card
associations, leading program managers and processors, The Bancorp
Payment Solutions Group designs innovative and flexible prepaid card
programs which deliver outstanding results. For more information about
The Bancorp Payment Solutions Group please visit www.thebancorppsg.com.
About Net1 (www.net1.com)
Net1 Virtual Credit Card is a wholly-owned subsidiary of Net1 UEPS
Technologies, Inc., created in 2009 as a payment solution company to
address consumers evolving needs, trends and concerns by creating safe,
convenient and flexible mobile payment solutions for everyone (www.myvcpay.com).
Net1 UEPS Technologies provides its universal electronic payment system,
or UEPS, as an alternative payment system for the unbanked and
under-banked populations of developing economies. Net1's market-leading
system enables the estimated four billion people who generally have
limited or no access to a bank account, to enter affordably into
electronic transactions with each other, government agencies, employers,
merchants and other financial service providers. Net1‘s universal
electronic payment system, or UEPS, uses smart cards that operate in
real-time but offline, unlike traditional payment systems offered by
major banking institutions that require immediate access through a
communications network to a centralized computer. This offline
capability means that users of the Net1 system can enter into
transactions at any time with other card holders even in the most remote
areas so long as a portable offline smart card reader is available. In
addition to payments and purchases, UEPS can be used for banking,
healthcare management, international money transfers, voting and
identification.
About MetroPCS Communications, Inc.
Dallas-based MetroPCS Communications, Inc. (NYSE: PCS) is a provider of
unlimited wireless communications service for a flat-rate with no annual
contract. MetroPCS is the fifth largest facilities-based wireless
carrier in the United States based on number of subscribers served and
has access to licenses covering a population of approximately 146
million people in many of the largest metropolitan areas in the United
States. As of June 30, 2010, MetroPCS had over 7.6 million subscribers.
For more information please visit www.metropcs.com.
Source: The Bancorp, Inc.
Contact:
The Bancorp Bank, Investor Relations
Andres Viroslav
1-215-861-7990
andres.viroslav@thebancorp.com