WILMINGTON, Del.--(BUSINESS WIRE)--The Bancorp Bank Payment Solutions Group, a division of The Bancorp Bank (“Bancorp”), a wholly owned subsidiary of The Bancorp, Inc. (Nasdaq: TBBK), today announced a new relationship with Net1 Virtual Credit Card, Inc., a wholly-owned subsidiary of Net1 UEPS Technologies, Inc. (NASDAQ: UEPS), to offer VCpay™, a prepaid virtual payment card application designed for Card-Not-Present (CNP) transactions, into the mobile payments market. Since its launch a month ago, the VCpay™ application has been distributed to tens of thousands of smartphones with significant adoption anticipated in coming months.
“We are excited to announce this relationship with Net1 as it is consistent with our commitment to “Changing the Way America Pays”
Metro PCS, Net1’s first distributor of VCpay™, has several million subscribers and is offering VCpay™ to its prepaid customers as an application that will be pre-loaded on new smartphones or can be downloaded on select existing devices. VCpay™ allows a subscriber to access the MetroPCS Virtual Prepaid MasterCard® which generates unique, one-time use prepaid virtual card numbers to securely purchase goods and services or perform bill payment in any CNP environment. The MetroPCS Virtual Prepaid MasterCard is the first mobile phone-based prepaid program with no requirement for the user to have a physical card or a bank account. Subscribers can load their prepaid virtual accounts with cash at any of MoneyGram’s 40,000 U.S. agent locations, including many grocery, pharmacy and convenience store chains or shortly with direct deposits into their mobile account via bank transfers (ACH).”While we continue to see rapid growth in e-commerce, the unbanked and under-banked population has typically been excluded from this transformation due to limited access to acceptable forms of electronic payment. VCpay™ links a mobile device to a reloadable prepaid virtual account and can be used for CNP transactions such as purchases, bill payment and remittance, wherever Debit MasterCard is accepted. VCpay™ can be funded with cash deposits or free ACH transfers. We are extremely pleased with our relationship with The Bancorp, one of the most innovative issuers of prepaid cards. We expect to leverage our partnership to offer VCpay™ to other distributors over time,” said Eric Meniere, President of Net1 Virtual Credit Card, Inc.
“We are excited to announce this relationship with Net1 as it is consistent with our commitment to “Changing the Way America Pays” through the development of innovative products. We believe it is critical to offer the tools that consumers require to meet their diverse needs and to simplify their payment processes,” said Jeremy Kuiper, Managing Director – The Bancorp Payment Solutions Group.
For more information regarding The Bancorp Bank’s payment solutions please contact Lindsey Frank at 952-449-6014.
MetroPCS Virtual Prepaid Card is issued by The Bancorp Bank pursuant to license from MasterCard International Incorporated. The Bancorp Bank; Member FDIC. MasterCard is a registered trademark of MasterCard International Incorporated.
About The Bancorp Payment Solutions Group
The Bancorp Payment Solutions Group, a division of The Bancorp Bank (“Bancorp”), a wholly owned subsidiary of The Bancorp, Inc. (Nasdaq: TBBK), offers secure, creative and innovative payment solutions to the prepaid card industry. As a leading issuer of prepaid cards, The Bancorp Payment Solutions Group contributes to the success of Fortune 500 companies through the development of cutting-edge prepaid card programs that meet the rapidly changing needs of the prepaid industry. Through long-standing relationships with the MasterCard, Visa, and Discover card associations, leading program managers and processors, The Bancorp Payment Solutions Group designs innovative and flexible prepaid card programs which deliver outstanding results. For more information about The Bancorp Payment Solutions Group please visit www.thebancorppsg.com.
About Net1 (www.net1.com)
Net1 Virtual Credit Card is a wholly-owned subsidiary of Net1 UEPS Technologies, Inc., created in 2009 as a payment solution company to address consumers evolving needs, trends and concerns by creating safe, convenient and flexible mobile payment solutions for everyone (www.myvcpay.com). Net1 UEPS Technologies provides its universal electronic payment system, or UEPS, as an alternative payment system for the unbanked and under-banked populations of developing economies. Net1's market-leading system enables the estimated four billion people who generally have limited or no access to a bank account, to enter affordably into electronic transactions with each other, government agencies, employers, merchants and other financial service providers. Net1‘s universal electronic payment system, or UEPS, uses smart cards that operate in real-time but offline, unlike traditional payment systems offered by major banking institutions that require immediate access through a communications network to a centralized computer. This offline capability means that users of the Net1 system can enter into transactions at any time with other card holders even in the most remote areas so long as a portable offline smart card reader is available. In addition to payments and purchases, UEPS can be used for banking, healthcare management, international money transfers, voting and identification.
About MetroPCS Communications, Inc.
Dallas-based MetroPCS Communications, Inc. (NYSE: PCS) is a provider of unlimited wireless communications service for a flat-rate with no annual contract. MetroPCS is the fifth largest facilities-based wireless carrier in the United States based on number of subscribers served and has access to licenses covering a population of approximately 146 million people in many of the largest metropolitan areas in the United States. As of June 30, 2010, MetroPCS had over 7.6 million subscribers. For more information please visit www.metropcs.com.
Contacts
Permalink: http://www.businesswire.com/news/home/20101102005562/en/Bancorp-Bank-Teams-Net1-Virtual-Credit-Card
