NovoPayment Launches Two Corporate Prepaid Programs in Peru

October 27, 2009

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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.

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