CORRECTION FROM SOURCE: 3V Online Payment Platform to Be Launched in Canada
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TORONTO, ONTARIO -- (MARKET WIRE) -- 10/21/09 -- A correction from source is being issued with respect to the release sent out this morning, October 21, 2009 at 12:41 PM EDT due to multiple revisions. The corrected version follows.
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 financial institution Peoples Trust Company to act as the Canadian issuer. VendTek Systems Inc. has also been secured as the distribution partners for the Canadian 3V product platform.
People's Card Services, an affiliate of Peoples Trust Company, will work in conjunction with VendTek 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 Peoples Trust Company and VendTek 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 its 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.
About 3V
3V Transaction Services Ltd. provides innovative prepaid debit products primarily for use in online payment transactions. Following their launch in October 2005 in Ireland, 3V Vouchers has launched in the UK in 2006 and will be rolling out into Europe throughout 2010
With over 400,000 customers, 3V Vouchers enable everyone over the age of 16 to shop online, wherever VISA is accepted - without using either a credit or debit card. Simple to buy - just like purchasing mobile phone top up - the 3V Voucher allows you to shop online without the fear of fraud or going into the red
The patented 3V Voucher enables people who currently want to shop online but can't, as well as those that don't want to use their credit or debit card due to the fear of fraud or overspending.
3V Vouchers can be purchased by anyone aged 16 or over and can be used to shop online worldwide wherever VISA is accepted. The 3V Voucher is simple to buy, just like buying mobile phone top-up.
Key highlights are as follows:
- Proven product, technology and consumer demand following a successful launch in Ireland in 2005.
- Key licenses in place for European rollout.
- It leverages off the extensive Pan European network, which is the leading cash acceptance network in Europe with 250,000 terminals across 19 countries.
- 3V uses existing payment infrastructures, so any online merchant who accepts VISA can accept 3V Vouchers.
- It is cost effective for online merchants to accept, as it is a VISA debit transaction rather than a credit transaction. Debit transactions are charged at a fixed rate, while credit transactions are charged based on a percentage of the overall purchase price
- 3V Vouchers are designed to reduce fraud. 3V Vouchers cannot be skimmed and important security details (CVV2 and expiry date) are delivered separately to the customers' email or mobile phone.
About Peoples Trust Company
Peoples Trust has become a very successful provider of financial services by combining price competitive products with truly exceptional customer service and support. They maintain a unique and enviable position among Canada's financial institutions as a result of long-term profitability, steady asset growth and the ability to perform above and beyond customers' expectations. Peoples Trust is headquartered in Vancouver, British Columbia, Canada.
About VendTek Systems
VendTek develops and licenses automated transaction system software and supporting technologies that improve the efficiency of product delivery, reduce costs to clients and offer superior safety measures. VendTek's customers and its division, Now Prepay, and its subsidiaries are using e-Fresh(TM) software to build electronic, prepaid services networks, which enable consumers to purchase prepaid services via POS and self-serve terminals connected to a central e-Fresh(TM) server. This system creates significant value through improved efficiencies compared to the traditional distribution paradigm. e-Fresh(TM) reduces shrinkage and inventory requirements while improving consumer access to prepaid services by completely eliminating physical cards and vouchers. For further information please visit the Company's websites www.vendteksys.com and www.nowprepay.com.
Contacts: Media contact: 3V Transaction Services Ltd. John McGuinness 01 498 0361 or 087 6417451 jmcguinness@murrayconsult.ie
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