Partnership With Epson Venezuela to Disburse Promotional Cash Prizes

May 14, 2009

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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.

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