Paybefore has chosen the LATODO MasterCard, powered by NovoPayment, the leading payments technology services company in Latin America, as a 2013 Paybefore Awards winner in the Most Effective Prepaid/Emerging Payments Solution category. The program was launched by Servitebca Peru in April 2011 with the support of Interbank, one of the country’s leading financial institutions.
“We believe that prepaid/stored value provides a win-win model for the vast number of unbanked and underserved Peruvians that exist today,” said Anabel Pérez, President and CEO of NovoPayment. “These individuals, particularly in densely populated urban centers, are surrounded by a modern payments infrastructure that, for the first time, they can now access through LATODO, which includes mobile apps and SMS capabilities, among other features.”
“Paybefore Awards, in its seventh year, is the most prestigious recognition of excellence in the worldwide prepaid and emerging payments industry. LATODO MasterCard was selected by a panel of five industry experts who served as judges for this years’ competition, which – once again – included a record number of entries from around the world. Paybefore Awards were created to honor the companies and individuals that are at the forefront of innovation as well as successful market implementation across the globe,” said Loraine DeBonis, Paybefore editor-in-chief and chair of the judging panel. “It’s a dynamic time in electronic payments as companies like NovoPayment and Servitebca Peru continue to innovate to solve payments problems.”
Marilyn Bochicchio, Paybefore’s CEO, commented further, “As the world changes, so do the payment and money management needs of individuals, businesses and government agencies. The Paybefore Awards recognize the organizations that use financial services to make people’s lives better, which is why it is so exciting for us to honor those who champion innovation and excellence.”
The LATODO MasterCard is NovoPayments second GPR program in the region and the foundation for a new breed of payments ecosystems based on stored value. The program is one that the company expects other local players to soon join, and whose model it hopes other markets will notice and want to replicate. LATODO is available in 2,500 outlets in Peru through a proprietary reloading network called, AKI, a play on the Spanish word aqui, which means “here.”