Visa and Tebca Peru Launch Food and Meal Prepaid Card Accepted at Over 9,000 Establishments
The new Provis® Visa Vale prepaid card gives consumers more security and convenience than food vouchers and brings transparency to the benefits system
LIMA – November 8, 2010 – 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.
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.