Global Payout, Inc. (OTC Pink: GOHE), a prepaid card program manager and leading domestic and international payment gateway solutions provider announced today that it has received approval to launch the first Prepaid MasterCard card with state-of-the art "Chip and PIN" technology from North International Bank, LTD (NIB).
Global Payout is also announcing the immediate availability of this new "Chip and PIN" card together with, or without, its Consolidated Payment Gateway platform in all compliant countries in North America, South America, Central America, the Pacific Rim, and the Caribbean effective immediately.
This new Prepaid MasterCard(R) debit card program is based upon the EMV standard. This same Chip and PIN technology has effectively demonstrated a significant reduction in the multi-billions of dollars lost to fraud and security breaches each year. The United States is rapidly moving to make the Chip and PIN Technology mandatory by October, 2015 and this move positions Global Payout and NIB as early leaders in the move to meet the October date.
"NIB believes this new development on NIB payment tools provides a more secure and universal payment methodology. The partnership with Global Payout and MasterCard helped us launch this product in record time," said Angel Pacheco NIB's VP of Business Development.
The new MasterCard Chip and PIN debit card technology establishes the highest debit card security available to consumers and merchants and is the 3RD prepaid card program launched for Global Payout to date. The new Prepaid MasterCard(R) and two other debit cards can be used in connection with Global Payout's proprietary MoneyTrac(R) Consolidated Payment Gateway (CPG) platform to lower payment costs, eliminate check usage and make payouts and receive payins for vast array circumstances including: payroll, member payments, vendor payments, overseas foreign workers, cruise lines, and many other efficiency and expense lowering purposes.
The word "chip" refers to a computer chip embedded in a card and the word PIN refers to a personal identification number that must be supplied by the consumer at the point of sale (POS). The technology intends to obsolete the current magnetic strip swipe terminals, rolls of paper and the requirement of signatures making the new cards difficult to counterfeit or copy. The "Chip and PIN" technology can be applied to any debit, prepaid debit, credit and/or ATM cards so that transactions are only validated when the cardholder's personal identification number (pin) matches the encrypted information imbedded in the card's microchip. This provides another level of identification and authentication security over the conventional magnetic strip card, and makes it more difficult to extract data or use the card in a fraudulent manner.
Jim Hancock, Global Payout's CEO stated, "The great thing about this new NIB MasterCard(R) is it can be used in, or sponsored by any OFAC complaint country in the world, and that it can be used in connection with our Consolidated Payment Gatewayplatform. We feel we have pent up demand for this new NIB MasterCard(R) product and are anxious to launch."