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.
Servitebca Mexico, a subsidiary of NovoPayment and a leading local provider of branded prepaid card solutions for businesses, announced the launch of Plata Compras MasterCard, an innovative program providing companies the ability to issue cards to their employees, sales force, distributors and other business partners, replacing traditional Christmas and end-of-year performance bonuses.
“Plata Compras MasterCard is an intelligent tool for cash management. For businesses, it is a simple and fast solution; it eliminates administrative costs and reduces the risk of using cash and checks,” said Pablo Henonin, General Manager of Servitebca Mexico. “For employees, or card beneficiaries, it is a convenient way to buy whatever they want, wherever they want,” he added.
The program, which can support as few as 20 cards or up to several thousand, targets many of the large and small companies throughout Mexico that struggle every year to select gifts, write checks and stuff envelopes with cash to pay annual bonuses and rewards.
Plata Compras cards can carry the company’s logo, be personalized with the recipient’s name, and preloaded with the exact amounts determined by the company. They are accepted at more than 400,000 establishments nationally. In addition, the cards are supported by a 24-hour call center and online portal for checking balances, transactions and replacing lost or stolen cards.
Plata Compras MasterCard is available starting today. For more information, visit www.miplata.com.mx.
Peru is the scene of a new solution for thousands of businesses and hundreds of thousands of workers who, starting today, can use the new Provis® Visa Vale food and meal prepaid card nationally. Thanks to Visa and Tebca® Peru’s alliance, the solution brings all of the advantages of electronic payment to the world of food vouchers, replacing the antiquated paper coupons with the new standard: The branded electronic benefit transfer (EBT) prepaid card.
“This important partnership with Visa, the largest payment network in the world, is proof of the efficiency and reliability of this new system adopted by our company”, commented José Antonio Majluf, General Manager of Tebca Perú, “Efficiency and reliability that is already a part of day-to-day operations for 50 Peruvian companies that have adopted this best practice in the last 15 months, supporting more than 50,000 workers and collaborators nationally.”
“With the Provis Visa Vale prepaid card, food vouchers enter the digital era providing employees, employers, and businesses a product that offers more control over resources, simplifies processes and ultimately saves time and money”, said José Coronel, Regional Director of Visa Prepaid Cards Inc., Latin America and the Caribbean. “Through our partnership with Tebca Perú, Visa hopes to introduce these benefits to Peruvian workers, including those who lack a traditional relationship with banks.”
The new Provis Visa Vale food and meal prepaid card solves three of the most significant weaknesses found in the administration and use of paper-based food voucher programs: The inability to execute transactions in exact amounts, which leads to the loss of benefits when the amount of the purchase is below the voucher value; The inability to secure or replace the value of lost or stolen vouchers which anyone can use if found; and lastly, the labor intensive and high administrative costs created by the handling and distributing paper vouchers.
The Provis Visa Vale prepaid card features streamlined processes: Each month the value of the benefit is electronically loaded on the worker’s card by his employer or the provider of the benefits. The cardholder’s benefits are protected by a PIN number and, like any other branded card, transaction amounts are exact. Because cards do not have an expiration date, the unused funds are kept and can be accessed the following month by its owner. In addition, cardholders can track their balances and spending through the Web or by calling a customer support center.
Another advantage of the prepaid Provis Visa Vale card is the access to the greater number of partner establishments of the Visa network. With this card, the user will be able to purchase food products in supermarkets, bakeries, restaurants, fast food chains and over 9,000 partner establishments throughout the country.
Increased efficiency for businesses, increased benefits for users
Peruvian companies that use the Provis Visa Vale card, can by law save up to 49.14% in labor expenses, offer more variable incentives, make bonuses easier to disburse, and simplify their annual tradition of providing Christmas baskets.
NovoPayment, Inc., Latin America’s leading prepaid program manager and service provider and parent company of Tebca and Servitebca, announced today that it has been granted a Principal Member license by MasterCard Worldwide for the issuance of MasterCard prepaid cards in the region, making it MasterCard’s first non-traditional institution in Latin America to receive the designation.
The announcement marks another milestone for NovoPayment, which was also first to issue Maestro/MasterCard branded prepaid open-loop cards to replace paper food and meal vouchers in Mexico, Venezuela and Peru, among other achievements. The license will allow NovoPayment to issue MasterCard payment cards directly. Nonetheless, the company plans to continue to work closely with existing and future bank partners, which it sees as key to the industry’s development.
“We are very pleased to be among the few privileged companies in the world to receive the Principal Member designation, not only because it will allow us to be more swift in deploying new programs and exploring new markets, but also for the recognition from a leader such as MasterCard and our fellow 2,400 members worldwide,” said Anabel Perez, president, CEO and co-founder of NovoPayment.
Founded in 2004, NovoPayment has quickly amassed the largest branded prepaid portfolio of any non-bank in Latin America, with multi-country programs in the areas of electronic benefits (EBT) such as meal and food vouchers branded Bonus and Provis, corporate cash management (fuel, payroll, incentives) and general-purpose reloadable cards (GPR) for growing unbanked and underserved market branded Plata, as well as various prepaid programs targeted to mobile and pay TV operators, utilities, banks and retailers. The company, headquartered in Miami, Florida, operates in Mexico, Venezuela, Peru and Colombia under its subsidiaries Tebca and Servitebca.
NovoPayment, Latin America’s leading prepaid card service provider and program manager, announced today the launch of two corporate prepaid cards in Peru via its subsidiary Servitebca Peru, a joint venture between the company and Interbank Group. These cards are part of a growing portfolio designed to help private and public organizations apply best practices to the management of key expenditures.
The new card programs are Plata® Gasolina, a prepaid fuel card accepted at service stations throughout the country, and Plata® Compras, a widely accepted prepaid corporate card able to meet diverse purchasing and payment needs.
The first product of its kind in Peru, Plata Gasolina was designed for organizations with large fuel expenditures, is not limited to any single chain and can be used to pay for fuel at the pump and other auto-related products and services at any of the 800 gas stations throughout the country that accept MasterCard®.
“Plata Gasolina allows the hundreds of companies with fleets and mobile work forces to dramatically improve controls and convenience, and reduce the use of cash and manual processes associated with traditional forms of payment,” said Anabel Perez, co-founder and CEO, NovoPayment.
Plata Compras is a reloadable prepaid corporate card that allows organizations to electronically disburse funds associated with bonuses, sales incentives, prizes to employees and third parties (such as distributors), per-diem expenses and petty cash. Cardholders can make purchases at any of the more than 40,000 merchants that accept MasterCard in Peru.
“Our corporate cash management programs make it easy for organizations to minimize their reliance on cash and paper-based products, thereby assuming greater control over funds allocated to expenses and providing a better experience for cardholders,” said Perez. “So far the response has been very positive, and our products have been very well received in the market.”
Servitebca Peru and its sister company, Tebca Peru are NovoPayment subsidiaries created in partnership with Interbank Group to spearhead the development of prepaid solutions and transform traditional payment and disbursement models. In March of this year, Tebca Peru launched a prepaid food voucher program under the name Provis Alimentación® MasterCard, aimed at electronically managing social benefit payments as well as meal and food vouchers for companies and entities throughout the country. The company expects to issue as many as 200,000 cards by 2011.
NovoPayment, Inc., Latin America’s leading prepaid card service provider and program manager, today announced its regional forecast for prepaid general-purpose reloadable mobile and utilities cards in which it estimated a potential market of nearly US$160 billion annually by 2015.
The forecast is part of a larger regional study for prepaid cards covering 15 countries –Argentina, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Guatemala, Ecuador, El Salvador, Honduras, Nicaragua, Panama, Peru, Mexico and Venezuela – that measured factors such as size of labor force, poverty rates, wages, banking and other metrics based on the company’s experience in the field.
Today, the company’s prepaid programs allow more than 200,000 mobile and utility consumers to pay for services on-demand or via scheduled debits to their Maestro, MasterCard or Visa branded prepaid cards.
“Unbanked consumers spend on average 10 hours per month standing in line to pay bills for services simply because they do not have a traditional bank account or credit history,” said Anabel Perez, NovoPayment’s co-founder and CEO. “Prepaid general-purpose cards are a value proposition for mobile and utilities service providers and their customers because they create loyalty, improve margins and connect the region’s largest consumer group – which make up the base of the pyramid – to a modern payments and services infrastructure.”
According to NovoPayment, the overwhelming majority of mobile customers in Latin America – between 80% and 90% — are already on prepaid plans, representing a huge business opportunity for service providers and a value-added proposition for users who currently rely heavily on single-use, scratch-off cards.
Linking prepaid general-purpose reloadable cards to mobile and utility services provide low- to middle-income consumers the ability to buy airtime and pay electricity bills, among others, via text messaging, Internet, phone or via scheduled debit, without an underlying bank account. The cards have the appearance and function of debit cards, except that they must be reloaded via a retail network.
NovoPayment, Inc., Latin America’s leading prepaid card service provider and program manager, has added Epson Venezuela to a growing list of consumer products companies that are using the company’s prepaid platforms to deploy marketing and promotional campaigns in Latin America.
Epson Venezuela’s contest, which ran from February 1 through March 31 of this year, encouraged purchasers of selected Epson products to register to win cash prizes. Six lucky winners received prepaid cards loaded with 2,000 Bolivares Fuertes (US$ 930). The cards can be used anywhere in the country for a period of six months wherever Visa and Maestro are accepted. NovoPayment’s Venezuela-based subsidiary, Servitebca, manages and markets prepaid cash management programs that include Plata Promotions.
“Through our Plata Promotions program, Epson was able to reward customer loyalty while making the most of their marketing investment,” said Anabel Pérez, co-founder and CEO of NovoPayment. “Consumer products companies know that a large portion of their customer base is unbanked, and Plata Promotions’ prepaid cards are a practical way to reach them.”
Launched in Venezuela in 2007, Plata Promotions was born of NovoPayment’s commitment to providing Latin America’s unbanked population with better financial tools through prepaid cards, which do not require bank account ownership. A large segment of the region’s population (75%) has no formal banking relationship; many are also undocumented, making it challenging to physically deliver cash prizes. By adopting a prepaid model, consumer goods companies can realize cost efficiencies as they provide consumers with a safe, efficient way to redeem cash prizes, ultimately creating programs that use technology to address Latin America’s cash-based economies.
NovoPayment’s Servitebca subsidiary has also partnered with companies like Procter & Gamble, 3M, Johnson & Johnson and Alfonso Rivas & Cía, among others, to deliver cash prizes via prepaid cards.
NovoPayment, Inc., Latin America’s leading prepaid card service provider and program manager, announced today it is establishing a joint venture with Interbank Group, one of Peru’s largest and most innovative corporations, to develop prepaid card programs nationally, including prepaid EBT and food vouchers, general-purpose reloadable cards, cash management and remittances products. With the launch of the joint venture, named Tebca Peru—the first company of its kind in the country—Interbank Group and NovoPayment assume a leading role in the development and deployment of technologies to promote economic growth while providing consumers with new, state-of-the-art tools for safeguarding and managing their assets.
Initially, Tebca Peru will introduce a prepaid food voucher program under the brand name Provis Alimentación, aimed at electronically managing social benefit payments for companies and entities throughout the country.
The company expects to issue as many as 200,000 cards in the first two years. The benefits of these programs include, among others, reducing overhead expenses and operational risks, immediate delivery of payments and benefits for companies and access to a wide variety of service channels for end customers.
“We are very pleased to be partnering with such a prestigious, innovative group and lead the development of this important payment category,” said Anabel Perez, co-founder and CEO, NovoPayment. “Prepaid technology will significantly lower distribution and administrative costs, simplifying management for local private and public organizations, and providing end users with access to modern tools that facilitate their management of cash and benefits.”
“With NovoPayment’s support and experience, Interbank Group will break new ground in Peru by pioneering the development of prepaid solutions that will transform traditional payment and disbursement models”, said Miguel Uccelli, Vice President, Interbank Group. “Peru is a market with very high potential for prepaid programs, given its demographics and its economic and social development. We are highly motivated by this new venture”.
NovoPayment, Inc., Latin America’s leading prepaid card service provider and program manager, today announced its regional forecast for electronic benefit transfer (EBT) cards for food vouchers in which it estimated a potential market of more than 47 million prepaid cards with an estimated purchasing power of more than US$50 billion annually by 2015. Such programs allow organizations to electronically manage the payment of these and other benefits to employees and recipients via branded prepaid cards.
“EBT programs provide public- and private-sector organizations with an accountable, cost-efficient and readily deployable solution for placing benefits in the hands of their employees and recipients,” said Anabel Perez, NovoPayment’s co-founder and CEO. Currently, NovoPayment provides EBT benefits to more than 4,000 companies through more than 500,000 active cards.
EBT programs are single- or multi-purpose open-loop programs that can be implemented according to each country’s legislation regarding the administration and provision of food and other benefits. Cardholders receive a MasterCard, Maestro, Visa or Visa Electron branded card programmed for use at pre-defined merchant categories, retain any unused benefits and can check balances and purchases 24/7 via phone, SMS or the Web. All cards come with PIN numbers and the name of the employer or payer.
“Administering benefits through a prepaid program is clearly a best practice and a great fit for our markets,” said Perez. “Prepaid provides a secure platform for governments and companies to gain efficiencies and tangibly demonstrate to their beneficiaries and employees a commitment to them and to modernization.” One key advantage of Novopayment’s food voucher program, she added, is an electronic platform that interfaces with employers’ payroll systems, allowing them to manage the program themselves.
The forecast is part of a larger regional study for prepaid cards covering 15 countries – Argentina, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Guatemala, Ecuador, El Salvador, Honduras, Nicaragua, Panama, Peru, Mexico and Venezuela – that measured factors such as size of labor force, poverty rates, wages, banking and other metrics based on the company’s experience in the field.
On the heels of launching Latin America’s first mall-branded gift card earlier this year, NovoPayment—Latin America’s prepaid card leader— announced the launch of the Sambil Visa General Purpose Reloadable (GPR) Card. As of July 1, a total of 2,700 cards had already been issued in just one kiosk at the Sambil Mall in Caracas, Venezuela, with average initial loads reaching twice the level expected per card. The company projects issuing 35,000 to 45,000 Sambil GPR cards throughout Venezuela by year’s end.
“Our Sambil customers requested a reloadable card, and we heard them loud and clear,” said Anabel Perez, CEO, NovoPayment. “This new card offers them a better alternative to manage their finances while enjoying a safe, convenient way to shop.” Currently, more than 65% of the country’s population has little or no access to credit cards or bank accounts, making the Sambil Visa GPR Card an ideal and empowering financial tool.
The Sambil Visa GPR Card can be used at more than 150,000 points of sale around the country where Visa is accepted, including domestic Internet purchases. Cardholders choose the load amounts, which can range from a minimum initial load of 100 bolívares (US$50) to a maximum per-transaction load of 4,000 bolívares (US$2,000). The Card can be used for transactions via ATM, SMS, P2P and web transactions at www.sambilvisa.com, and can reloaded at any of Plata’s 250 reloading centers in any amount denomination, up to 4,000 bolívares (US$ 2,000).
Sambil Mall Caracas is among the largest shopping centers in Latin America with more than three million square feet of space and 500 stores, and is joined by sister properties in Valencia, Margarita, Maracaibo, San Cristóbal, Barquisimeto and soon Punto Fijo (Sambil Paraguaná).
Both the Sambil Visa Gift Card and the Sambil Visa GPR Card are now available at Sambil Mall in Maracaibo, Venezuela’s second largest city. More than 10,000 people visit Sambil Maracaibo on a daily basis, with more than 50,000 visiting on weekends.
The Sambil Visa GPR Card is the fourth reloadable prepaid program launched by NovoPayment in Venezuela. The company’s other GPR programs in the country are Classic Plata, EDC Plata (utility/energy consumption) and Unica Plata (telecom/top-up).