NovoPayment, Latin America’s premier prepaid card service provider, recently revealed its role in the design and delivery of Peru’s first general purpose reloadable (GPR) program aimed at serving the country’s unbanked population. LATODO MasterCard, launched in April by Servitebca Peru, is NovoPayments second such program in the region and the foundation for a new breed of payments ecosystem based on stored value –a program that the company expects other local players will soon join and whose model it hopes other markets will notice and want to replicate.
“Connecting those who lack a traditional banking relationship with a modern payments and services infrastructure has always been a key objective,” stated Anabel Perez, NovoPayment’s co-founder and CEO. “Together with our partners, we are pleased to bring this offering to the Peruvian market and to provide another working example of how prepaid can provide the on-ramp to financial inclusion and a vehicle to reduce costs for those that serve the unbanked,” she added.
NovoPayment’s Platform as a Service (Paas) capabilities fulfill LATODOs technical and financial processes and requirements from card sales to clearing transactions to compliance and customer service. This is the second GPR program NovoPayment has launched in the region, having already introduced the Plata card program in Venezuela in 2005.