Source: Smart Card Marketing Systems
Smart Card Marketing Systems Inc. (Other OTC:SMKG.PK Frankfurt:QYH.F), a leading provider of prepaid cards, value smart storage cards and payment transaction management services, announced today that they have entered into an agreement to supply twenty thousand (20,000) prepaid co-branded cards to the Kahnawake Group for the online money remittance business.
The agreement states that Smart Card will provide the VelocityMoney and VelocityMerchant applications along with twenty thousand (20,000) prepaid cards for the complete co-brand offering to the Kahnawake Group of merchants. This group will then create their own distinct e-commerce offering as well as focus their business through their respective channels of members. It is estimated that the initial roll out will consist of two thousand (2,000) clients each with an average remittance of $100.00 to $400.00 of transactional usage per two-week period. This translates into future processing of remittance for Smart Card of approximately $250,000.00 per month minimum (using an average of $250 per card), possibly with industry norms of up to $1,000,000.00 monthly.
Furthermore, subject to the agreement, Smart Card will earn an additional twenty five percent (25%) of earned transactional revenue from each card. Smart Card CEO, Massimo Barone, stated, "This is our first entry into and with Aboriginal merchants in North America and with more exposure to our services, we believe that partnerships and relationships will be developed resulting in more revenue building opportunities for Smart Card. Our billing component of available online merchants already integrated with the Velocitymoney.com will be a key component in the rollout that will integrate over 4000 billers granting wide access for electronic payment from the prepaid cards."