Visa Inc is to expand and enhance its prepaid
reload network, Visa ReadyLink, by enabling consumers to load funds
onto Visa reloadable prepaid cards at participating ATMs that
accept envelope-free deposits in the US.

The announcement marks the expansion of Visa’s prepaid reloading
network outside the merchant sector, where 7,000 merchants have
already implemented Visa ReadyLink since its launch in 2006.
Whereas previously prepaid cardholders had to visit a participating
merchant location to manually top up their cards, they will now
also be able to visit an envelope-free ATM and add cash funds onto
their prepaid cards. Visa is also hoping to enhance the value
proposition for ATM owners by extolling the benefits of offering
new services to customers, in order to drive incremental revenue
and extra transaction volume through ATM channels.

“Standing in long cheque-cashing lines and carrying around a week’s
wages in cash is often the norm for people without access to a
payment card or bank account,” said Brian Triplett, global head of
prepaid products at Visa Inc. “By bringing Visa ReadyLink first to
retailers and now offering advancements to make reload capabilities
available at ATMs, we can provide a much safer and easier
alternative for cardholders. We intend to continue to use the value
of Visa’s network to grow the prepaid category in ways that help
our partners capture a greater share of cash and cheque

Visa’s extension of prepaid reloads to the ATM channel is also
aimed at differentiating ReadyLink from MasterCard’s rival prepaid
reload network rePower, which currently has over 40,000 merchant
reload points across the US. MasterCard’s rePower network is set to
launch in the UK from the beginning of 2009, with plans to roll out
across Europe thereafter.

Separately, Visa has also announced that it will be collaborating
with mobile handset manufacturer Nokia to deliver payment-related
services via near-field-communication (NFC) handsets from October
2009. Trials will allow consumers with eligible handsets to perform
a range of transactions, including remote payments and money
transfers between US Visa cardholders.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.