TransCard - a leading provider of prepaid debit card solutions branded with MasterCard, Discover Network and STAR associations - and San Diego-based Socialwise, Inc. ("Socialwise"), a wholly owned subsidiary of ideaEDGE, Inc. (IDEA.OB), are collaborating to offer a prepaid debit card for online gift giving to be released in early 2009.
TransCard has developed a turnkey card program for Socialwise, complete with total platform integration with their internal systems. Along with using TransCard's technology to perform back-end functions, Socialwise and TransCard will offer a Socialwise-branded prepaid debit card.
"It isn't often that a product or a company comes along with the potential to transform one industry, much less multiple industries," says Craig Fuller, CEO of TransCard. "Socialwise intends to impact social networking sites, group gifting, how teens spend money online and, of course, the very concept of prepaid. The TransCard-backed Socialwise card provides greater security for online purchases and is perfect for younger demographics because it is not a credit card. All funds are loaded upfront with no opportunity to overspend or negatively affect the user's or their parents' credit. Just as the Internet modernized how we communicate, the Socialwise prepaid card seeks to modernize how we spend money online-as well as outside of the virtual world. This card can go with your kids on field trips, travels abroad and to college. There is no better way to teach kids monetary responsibility, while protecting their financial futures."
Socialwise is changing the face of the gift-giving industry with unique online applications such as BillMyParents, which allows parents to safeguard their children's purchases, and Gimme!, a way to organize group gifting through donating to select gift cards. With the innovative Socialwise Group Gifting Platform, multiple people can contribute to online purchases.
"When we were looking at prepaid partners, TransCard was the one that stood out as being the most innovative and ahead of the curve," says Jim Collas, CEO at Socialwise. "We needed a company that shared our vision and spirit of ingenuity, as well as one that has technology sophisticated and flexible enough to actually bring our vision to fruition. Now, we believe both of our companies are poised to usher in a new age of prepaid for a new generation of consumers."