Banco PanAmericano, MasterCard And Rêv Worldwide Launch Brazil's First Prepaid Card For Everyday Purchases
Introduces Safe, Accessible Alternative for Brazil’s 75 Million Unbanked Consumers
SAO PAULO, April 29, 2011 - Brazil’s first reloadable prepaid card for everyday purchases launches today in participating PanAmericano stores announced Banco PanAmericano, MasterCard and Rêv Worldwide. The PanAmericano MasterCard Prepaid Card is the only general purpose reloadable prepaid card available in Brazil today and does not limit the card’s use to specific transactions like existing prepaid products.
With no proof of income or credit check required, the PanAmericano Prepaid Card offers a convenient and affordable cash alternative to Brazil’s unbanked population, an estimated 75 million people. Customers who buy and load cash on the card can make purchases online and anywhere in Brazil or abroad where MasterCard is accepted, withdraw cash from ATMs worldwide, transfer funds between card accounts and use the integrated mobile features to check balances and confirm transactions from their mobile phones with a simple text message.
“Brazil’s rapid economic development has lifted the living standards of millions of its citizens, but many Brazilians still do not have access to basic banking services. Prepaid cards in other markets have proven an excellent alternative for promoting financial inclusion among these consumers since the cards do not require proof of income or a credit check,” said Eliel Teixeira de Almeida, Banco PanAmericano’s Director of Card Products.
The percentage of Brazilians who do not use banking services is close to 40 percent according to IPEA, an economic think tank in Brazil, and 55 percent of employees in Brazil are paid in cash shows recent research from the Brazilian Central Bank.
“Besides facilitating purchases, including online, prepaid cards help consumers manage expenses and safeguard their funds – the card is protected by a password and, in the case of loss or theft, the cardholder can lock the card’s remaining balance to prevent unauthorized spending. To reload funds, cardholders simply visit any of the hundreds of thousands places that accept boleto payments and complete a transaction slip,” continued Almeida.
“The launch with PanAmericano represents a strategic move for MasterCard since the prepaid card is an ideal instrument for financial inclusion that allows unbanked consumers to access the electronic payments network. In addition, it’s the right time to introduce the card – the prepaid market is in full swing in Latin America and today represents a US $12 billion market opportunity that could reach up to US $80 billion by 2017,” said Marcelo Tangioni, Vice President of Products at MasterCard.
“It is worth pointing out this is one of the first MasterCard launches in the prepaid segment in Brazil, and we see this as a significant market with tremendous opportunities to explore over the coming years in the government, corporate and retail segments,” Tangioni added.
“Our experience in markets around the world is demonstrating that the combination of prepaid cards and mobile phones offers a powerful mechanism for bringing more consumers into the mainstream financial system by delivering flexible, safe and accessible cash alternatives to consumers who need them most,” said Roy Sosa, Chairman and CEO, Rêv Worldwide. “With the industry’s only global, fully integrated platform for card and mobile payments, we give cardholders the ability to manage their funds anytime, anywhere via the mobile phone and can quickly and easily add mobile features that go beyond balance inquiries and transaction alerts to top-ups, bill pay and remittance.”
Rêv Worldwide develops, operates and markets integrated prepaid card and mobile payments programs that bring accessible, affordable financial services to consumers worldwide. Founded by prepaid debit industry pioneers Roy Sosa and Bertrand Sosa in 2008, the company has launched prepaid programs in Brazil, Kosovo, Mexico, Romania and the U.S.
The PanAmericano MasterCard Prepaid Card
Consumers over 18 with a valid CPF number and government-issued photo identification can purchase the card from participating PanAmericano stores throughout Brazil for R$5, no proof of income or credit check required. With the PanAmericano MasterCard Prepaid Card, cardholders can make purchases online and in more than 30 million locations in the MasterCard network, withdraw cash from ATMs worldwide, transfer funds between accounts, and monitor their spending and account balance via their mobile phones or the online account center. To reload funds, cardholders can visit any location in Brazil that accepts Boleto Bancário, and in the near future, any of 20,000 agent, lottery and other correspondent locations in the CAIXA network. For more information on card features, fees and participating PanAmericano stores, visit www.prepagopanamericano.com.br.
About MasterCard Worldwide
As a leading global payments company, MasterCard Worldwide prides itself on being at the heart of commerce, helping to make life easier and more efficient for everyone, everywhere. MasterCard serves as a franchisor, processor and advisor to the payments industry, and makes commerce happen by providing a critical economic link among financial institutions, governments, businesses, merchants, and cardholders worldwide. In 2010, $2.7 trillion in gross dollar volume was generated on its products by consumers around the world. Powered by the MasterCard Worldwide Network – the fastest payment processing network in the world – MasterCard processes over 23 billion transactions each year and has the capacity to handle 160 million transactions per hour, with an average network response time of 130 milliseconds and with 99.99 percent reliability. MasterCard advances global commerce through its family of brands, including MasterCard®, Maestro®, and Cirrus®; its suite of core products such as credit, debit, and prepaid; and its innovative platforms and functionalities, such as MasterCard PayPass™ and MasterCard inControl®. MasterCard serves consumers, governments, and businesses in more than 210 countries and territories. For more information, please visit us at www.mastercard.com. Follow us on Twitter: @mastercardnews.
With BTG Pactual and CAIXA as investors, PanAmericano operates as a financial services provider in the Brazilian market. PanAmericano is one of the main banks focused on consumer financing for individuals in social classes B, C, D and E. It differs from its main competitors due to the extensive portfolio of products and services that it offers in this segment, including credit direct to the consumer, consigned credit, credit cards, as well as insurance products, leasing and consortium.
About Rêv Worldwide
Dedicated to driving widespread commercial availability of financial services in underserved markets around the world, Rêv Worldwide helps partners rapidly and effectively access hard-to-reach markets and enables underserved consumers to make affordable, safe and convenient financial transactions. Rêv’s full range of integrated mobile and prepaid card solutions – including Rêv-branded, co-branded and affinity products – are issued by banks, powered by its multi-language, multi-currency processing platform and delivered by partners and directly to consumers through its growing retail network. Rêv is headquartered in Austin, Texas and operates in North America, Latin America, Europe and Asia-Pacific and is a member of the MPOWER Ventures investment portfolio. Learn more at www.revworldwide.com.
Meredith DeSpain Kelsey
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55 11 5508-3926