Mint Technology Corp. (TSX - VX: MIT), and Peoples Trust announced today that they have signed an agreement with IDtel Financial to distribute prepaid MasterCard cards across Canada.
IDtel Financial will initially purchase and resell 15,000 prepaid MasterCard cards under an IDtel Financial branded card program; Vivacity. IDtel Financial will market and distribute the Vivacity prepaid MasterCard card to merchant partner locations across Canada and will initially launch a Quebec-focused advertising campaign, to be followed by a national campaign. IDtel Financial has access to over 1000 point of sale terminals in the Canadian marketplace and deployment is growing at an increased rate of approximately 27% monthly.
"Our goal is to provide Canadians with the benefits and services of a product that was not available to them until now," said Carl Rioux, President and CEO of IDtel Financial, "Rather than target a niche consumer market, we believe our Vivacity prepaid MasterCard card will be embraced by a large cross section of Canadians, whether it be students traveling abroad, individuals sending funds overseas to their families, or just for an optional method of payment."
Mint will provide IDtel Financial with a turnkey prepaid MasterCard program with complete services and features. Peoples Trust of Vancouver will be responsible for card issuance under its agency agreement with HorizonPlus Card Services Limited Partnership.
"IDtel Financial's initial strategy to target Quebec consumers will be very exciting to watch. Quebec is a significant Canadian market to gage the overall acceptance of our new prepaid products," said Frank Maduri, President, Mint Inc., "In addition to their plan to rollout an advertising campaign promoting prepaid cards, 70% of IDtel Financial's partners are convenience stores and independent grocers - the ability to distribute directly to the general Quebec resident will be invaluable."
Prepaid MasterCard cards are accepted at retail locations worldwide and enable cardholders to access funds through participating ATMs and shop online, providing "Zero Liability" protection like all MasterCard payment programs. Fully re-useable, prepaid cards are easily reloaded by transferring funds from an existing Bank account using Internet banking or Telephone banking.
"As the agent for Canada's leading issuer of prepaid cards, we are confident that IDtel Financial's distribution and marketing campaign will be met with great success," said Gerry Serratore, Vice President Marketing, HorizonPlus Card Services Ltd.