SelectCore Ltd. ("SelectCore") (TSX-V: SCG.V), a prepaid telecom and financial services provider and transaction processor for the under-banked market, announced today that the Company has secured an agreement to launch Virtual Visa through its Facebook Social Media / Mobile Remittance Platform, "SocialTime".
SocialTime currently allows Canadian Facebook users a safe and convenient way to top up prepaid mobile phones of friends and family abroad in real time. Soon, with the addition of Virtual Visa, users will be able to request, gift and deliver a Virtual Visa in real time.
A Virtual Visa works similar to other credit and stored value cards. It can be used for web / online purchases, telephone orders, bill payments or through any merchant where a physical card is not required.
SocialTime incorporates the Company's mobile remittance technology with the growing landscape of social media, providing access to an extended global footprint of over 425 million mobile Facebook users and a market of $12 billion per month in remittances sent from Canada alone.
SocialTime is not only more convenient but also provides recipients and senders a lower-cost alternative to traditional bricks and mortar money transfer services.
"We believe that the convergence of social media and mobile platforms with the delivery of financial services and global remittances presents a significant market opportunity," commented Keith McKenzie, Chief Executive Officer of SelectCore.