Now Prepay, a subsidiary of
VendTek Systems Inc. and Mint Inc., a subsidiary of Mint Technology Corp. and Canada’s first provider of prepaid credit card programs,
announced that the first retail-based cash acceptance network
for reloading prepaid financial products has launched under a partnership
previously announced in a news release dated November 9, 2005.
Initially 1,000 of Now Prepay’s 8,500 retail partner locations across
Canada will provide a secure point-of-sale system for activating and
prepaid credit card products from Mint’s portfolio of cards over Now
existing national prepaid network. Retailers prominently display the Mint
so that valued customers will be able to know where to purchase prepaid
cards and existing cardholders can reload their cards with funds. As an
convenience, Now Prepay has also included a “location look up” feature
web site so that customers can locate a merchant near them.
“There are an estimated 3,000,000 or more Canadians who are the
consumers for these cards, let alone traditional credit card users who also
benefit from using a prepaid credit card. This network will enable wide
distribution and the reloading of prepaid credit cards to these markets
Now Prepay is excited to provide the first widespread distribution
get these products into people’s hands and to provide them with convenient
outlets to reload more money onto their cards.” said Doug Buchanan,
“As a Canadian first, this initial phase of implementation of a
network further reinforces our leadership in the market. In addition to
offering our cardholders the convenience of topping up their cards, we are
also excited to be able to provide our cobrand partners with a vehicle to
their cards,” said Frank Maduri, president and CEO, Mint Technology Corp.,
the United States, where similar prepaid products have been available for
six years, an extensive network of reload centres can be found in the
of retail chains across the country and we look to the huge success story
there to pave the way in Canada.”
Prepaid credit cards require no credit check and therefore can offer
alternative and often necessary method of payment to many Canadians.
Individuals who may require the convenience and security of a traditional
credit card, but are unable to qualify due to credit issues and age
requirements, are now able to obtain a prepaid, reloadable credit card.
Prepaid credit cards can be used at the millions of worldwide locations
traditional credit cards are accepted today including retailers, websites,
mail order, mobile purchases and ATM cash withdrawals.
About Mint Technology Corp.
Mint is a leading payment solutions company. Through its payment
and prepaid credit card programs, Mint is the first in Canada to
and deploy prepaid MasterCard(R) cards with unique features such as
co-branding and loyalty programs, and new wireless payment alternatives
as; MasterCard cards with PayPass(TM) functionality and cellphone based
Parking. The company is headquartered in Toronto, Ontario. To find out
about Mint Technology Corp. (TSX-V: MIT), visit our website at
About VendTek and Now Prepay
(www.vendteksys.com / www.nowprepay.com) VendTek Systems Inc.
and licenses e-Fresh(TM) software and related technologies, which provides
electronic distribution of prepaid telecommunication and financial
VendTek is commercializing the e-Fresh(TM) software under license to create
sustainable and recurring revenues. VendTek’s customers and its
Now Prepay Corp. (in Canada) and VendTek Systems Technologies (in
using e-Fresh(TM) software to build electronic, prepaid services networks,
which enable consumers to purchase prepaid services via POS and self-serve
terminals connected to a central e-Fresh(TM) server. This system creates
significant value through improved efficiencies compared to the
distribution paradigm. e-Fresh(TM) reduces shrinkage and inventory
requirements while improving consumer access to prepaid services since it
completely electronic and eliminates physical cards and vouchers.