NovoPayment Mexico and MasterCard introduce prepaid solution for food and meal electronic vouchers
Mexico City ― November 18, 2010 - NovoPayment subsidiary, Tebca Mexico and MasterCard, leading providers of branded prepaid card solutions and payment systems respectively, launched Bonus Alimentación® MasterCard, a corporate prepaid program designed to assist public and private organizations in distributing food and meal benefits to their employees in a safe and convenient fashion.
By 2017, prepaid products in the food voucher category in Mexico are estimated to represent a business opportunity of US$ 8 billion in transactions . Adopting of these products allow businesses to take advantage of certain tax incentives.
“Administrating benefits through a prepaid program is a best practice. Electronic prepaid cards provide a secure platform for government entities and businesses of any size to increase efficiency and demonstrate their commitment to their beneficiaries and employees by helping them improve their quality of life and providing them modern payment tools,” says Anabel Pérez, President and CEO of NovoPayment.
Bonus Alimentación® MasterCard cards can be issued in the traditional Despensa or Restaurante format (strictly for use in restaurants) and can easily be adapted to the specific requirements of each company and to changes in local food benefits legislation. With these cards, employees have the freedom to choose among more than 100,000 food and meal establishments nationally.
“MasterCard food vouchers are safer and more reliable than paper vouchers for managing benefits and they are easier to administrate. This represents attractive advantages for companies, employees and establishments,” highlights Patricio Hernández, VP of New Business Development for MasterCard Latin America and the Caribbean. “In addition, MasterCard is backed by a solid technical infrastructure that gives all players access to a broad network of establishments,” he added.
The funds loaded onto Bonus Alimentación® MasterCard prepaid cards do not expire and, unlike traditional paper vouchers, they can be used to purchase in exact amounts. In addition, the beneficiary can keep track of the card’s balance and transaction history 24/7 through a call center or via the Internet.
The program also allows businesses to reduce administrative and financial costs, brand and personalize cards with the company and beneficiaries names, and reload cards easily and immediately through the “Tebca Online” platform. Tebca is the company created by NovoPayment for the management of its food benefits payment programs in Mexico.
“The support provided by Tebca’s online platform is a key advantage in the issuance and management of food vouchers. Among other features, it connects with the companies’ payroll systems, allowing employers to administrate the program directly,” said Pablo Henonin, General Manager of Tebca and Servitebca Mexico.
Bonus Alimentación® MasterCard cards are very flexible, making them the ideal way of paying variable incentives like raises, annual bonuses, and meal expenses, among others. This prepaid solution has been implemented in Peru and Venezuela since 2005, where thousands of employees have experienced the advantages of using electronic vouchers on a day-to-day basis.