Fis (NYSE:FIS), the world's largest provider of banking and payments technology, today announced that its card processing joint venture in Brazil, Fidelity Processadora e Servicos S.A. (FPS), has begun processing credit cards issued by Banco Bradesco under the ELO brand.
In addition, beginning in June 2011, FPS will process the prepaid cards issued by Cia Brasileira de Solucoes e Servicos (CBSS) under the new brand.
The ELO-branded cards will be available to all social classes within Brazil and aim to leverage the use of plastic as an instrument to enhance access for about 40 million Brazilian citizens. In addition, the cards will become an important ally in the process that will eventually replace checks and cash in commercial transactions. The new ELO cards will provide the convenience and security of using credit, debit and prepaid cards as alternative means of payment. Demand for the new card since its launch date on April 4 has exceeded expectations.
"We are proud to team with Banco Bradesco and CBSS on this venture for the new ELO prepaid family of cards," said Reginaldo Zero, president, FPS. "We are on the forefront of an emerging market and will be extremely successful in providing many Brazilians with a new payment method that was previously unavailable to them."