Novopayment and Interbank Group Establish Joint Venture to Develop Prepaid Card Programs in Peru
Tebca Peru to deliver prepaid solutions including Electronic Benefits Transfer (EBT) and food vouchers, general-purpose reloadable cards and cash management products
MIAMI – March 9, 2009 – 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”.
Miami-based NovoPayment enables financial services and payments innovation throughout the Americas through a cloud-based, bank-grade platform that supports varied disbursement, collection and digital financial services. The company helps banks, financial institutions, e-money issuers as well as the travel and transportation industry, digital content providers and others to leverage their existing legacy systems and services to generate new transaction streams and capture new deposits while reducing operational risk and accelerating time to market.