SelectCore Ltd. ("SelectCore" or the "Company") (TSX VENTURE:SCG) a leader in prepaid payment solutions, today announced its new online bill payment service.
This new service is designed to allow consumers to pay their bills quickly and easily with their prepaid stored-value card account.
The landscape of online bill payment has changed significantly over the last decade with more and more consumers embracing the technology. In 2013 alone, 30.3 billion online bill payments will be made globally.
SelectCore is now opening up a new market for online bill payment, bringing this valuable financial tool to underbanked consumers who do not have access to traditional banking.
Underbanked consumers typically have to wait in long lines at check cashing centres to purchase money orders and then mail in their payments. Paying online and on time saves consumers time and money including travel, postage and late fees.
Cardholders including government beneficiaries will be able to safely and conveniently pay their bills any time of day from anywhere online. The service supports online payments to thousands of payees including utility companies, cable providers, telecom carriers, landlords and more. The platform also keeps a record of all payments processed so cardholders can track and have more control over their spending.
Online bill payment is the latest in SelectCore's line-up of innovative prepaid banking tools that include email and text message balance alerts, mobile applications, card-to-card money share, Interac online top-up, and more. As SelectCore continues to broaden its product development initiatives, this service will encompass mobile banking and peer-to-peer payments.
"Millions of underbanked consumers are not afforded the same financial tools that the majority of the population enjoys," said Keith McKenzie, CEO of SelectCore. "We are dedicated to delivering new, innovative solutions that provide financial empowerment to an important demographic market."