BURNABY, B.C. -- Automated walk-up bill payment and financial services network TIO Networks Corp. and Visa have forged a strategic agreement to provide consumers with secure and convenient access to reload their eligible Visa prepaid cards with cash through Visa ReadyLink, Visa's prepaid load network. TIO will implement Visa ReadyLink at ExxonMobil, Circle K and other participating TIO Networks convenience store chains before the end of 2007.
Customers will be able to load cash funds to eligible Visa reloadable prepaid cards at TIO's self-serve automated [image-nocss] financial services kiosks and hybrid ATMs 24 hours a day, seven days a week.
Our strategic alliance with TIO creates a new channel for Visa and our bank clients to reach consumers, especially those without access to a traditional bank account or a payments card, said Nizam Antoo, vice president of prepaid products for Visa. By making Visa reload capabilities available through TIO's national network of financial services kiosks, we're able to offer greater access and convenience for Visa prepaid cardholders who are looking for an alternative to cash and checks.
According to Visa estimates, there are approximately 80 million financially underserved consumers in the U.S., or those who lack access to a payment card or are without a traditional banking relationship. This consumer segment receives approximately $1 trillion in annual income and relies heavily on cash for everyday transactions.
While direct deposit is the primary method many cardholders use to fund reloadable Visa prepaid cards, Visa research shows consumers also want the flexibility to add funds to prepaid cards at everyday shopping locations, like c-stores and gas stations. The availability of the service at participating TIO Networks c-store chains may help to enhance the utility of existing reloadable prepaid card products offered by Visa issuers, including payroll, general purpose reloadable and government disbursement cards, the company said.
TIO Networks is North America's largest multi-retailer network of nonbank financial services for the cash-preferred consumer marketplace. It operates in more than 2,000 locations and provides secure access to bill payment and other key financial services.
Visa operates the world's largest retail electronic payments network providing processing services and payment product platforms. This includes consumer credit, debit, prepaid and commercial payments, which are offered under the Visa, Visa Electron, Interlink and PLUS brands. Visa/PLUS is one of the world's largest global ATM networks, offering cash access in local currency in more than 170 countries.
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