3V Online Payment Platform to Be Launched in Canada
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EDMONTON, ALBERTA -- (MARKET WIRE) -- 10/21/09 -- 3V Transaction Services Ltd, Ireland's leading online payments company, today announced the launch of its flagship pay-as-you-go VISA voucher product in Canada. The announcement was made as part of the Enterprise Ireland Trade Mission to Canada and follows the agreement of Canadian Peoples Trust Bank to act as the Canadian banking partner of 3V Transaction Services Ltd. Ventek Systems Inc. has also been secured as distribution partner for the Canadian 3V product platform.
People's Card Services, a division of Peoples Trust Bank, will work in conjunction with Ventek Systems lnc. to launch an instant access version of 3V's pay-as-you-go VISA voucher product platform into the Canadian market in early 2010. It is anticipated that the market will yield spend values of $100 million in online payment value on the 3V Transaction Services product set per annum.
The 3V Voucher is an easy-to-use online payment method allowing customers to shop online using prepaid vouchers that have a disposable 16-digit VISA number that the customer uses online just like a standard credit card. Customers can buy vouchers from participating retail outlets in the same way they currently purchase credit for their mobile phones. For the Canadian launch, the 3V Voucher process has become instant access, with the customer able to purchase and use immediately. This new system is designed to enable people to go online and shop instantly.
The partnership agreements were signed in Edmonton in the presence of Deputy Prime Minister Mary Coughlan, T.D as part of the Enterprise Ireland Canada Trade Mission. Speaking at the signing, Kieron Guilfoyle, CEO, 3V Transaction Services Ltd. said, "These agreements mark a significant milestone in the development of 3V Transaction Services Ltd. Over the last four years, we have developed and refined our product suite and organically grown a customer base that will pass the half million mark in the coming months.
Guilfoyle continued, "The agreement of partnership with both People's Trust Bank and Ventek Systems Inc. is a huge endorsement of the viability and robustness of the 3V product. This recognition by the Canadian financial industry will hopefully open doors into other international countries."
Launched in October 2005 in Dublin, Ireland, 3V now has over 400,000 customers and operates in both the Republic of Ireland and the United Kingdom. The company secured EUR 20 million in Series A funding from Atlas Venture and Benchmark Capital Europe which enabled it to launch into the UK in 2006 and develop its European product offering. In the UK the Company has also developed and operates the online Gift Card business for major online brands such as eBay, Paypal, Bebo and Habbo and plans to launch its Gift Card platform in parallel to its core voucher product in all relevant markets.
Contacts: Media contact: John McGuinness 01 498 0361 or 087 6417451 jmcguinness@murrayconsult.ie
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