3V Transaction Services Ltd, Ireland's leading online payments company, today announced the launch of its flagship pay-as-you-go VISA voucher product in Canada.
The announcement was made as part of the Enterprise Ireland Trade Mission to Canada and follows the agreement of Canadian Peoples Trust Bank to act as the Canadian banking partner of 3V Transaction Services Ltd. Ventek Systems Inc. has also been secured as distribution partner for the Canadian 3V product platform.
People's Card Services, a division of Peoples Trust Bank, will work in conjunction with Ventek Systems lnc. to launch an instant access version of 3V's pay-as-you-go VISA voucher product platform into the Canadian market in early 2010. It is anticipated that the market will yield spend values of $100 million in online payment value on the 3V Transaction Services product set per annum.
The 3V Voucher is an easy-to-use online payment method allowing customers to shop online using prepaid vouchers that have a disposable 16-digit VISA number that the customer uses online just like a standard credit card. Customers can buy vouchers from participating retail outlets in the same way they currently purchase credit for their mobile phones. For the Canadian launch, the 3V Voucher process has become instant access, with the customer able to purchase and use immediately. This new system is designed to enable people to go online and shop instantly.
The partnership agreements were signed in Edmonton in the presence of Deputy Prime Minister Mary Coughlan, T.D as part of the Enterprise Ireland Canada Trade Mission. Speaking at the signing, Kieron Guilfoyle, CEO, 3V Transaction Services Ltd. said, "These agreements mark a significant milestone in the development of 3V Transaction Services Ltd. Over the last four years, we have developed and refined our product suite and organically grown a customer base that will pass the half million mark in the coming months.
Guilfoyle continued, "The agreement of partnership with both People's Trust Bank and Ventek Systems Inc. is a huge endorsement of the viability and robustness of the 3V product. This recognition by the Canadian financial industry will hopefully open doors into other international countries."