Press Releases
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MiCash Announces Prepaid Debit Card with Unique Remittance Capability
A newly launched reloadable prepaid debit card is giving non-banking consumers many of the same freedoms bank customers currently enjoy, plus the added convenience of card-to-cash remittance. MiCash's reloadable prepaid debit card, can be used for electronic purchases, paying bills, ATM cash withdrawals and to transfer money internationally - no bank account required.
(PRWEB) December 4, 2008 -- One financial services company has introduced universal prepaid debit cards that give new meaning to their "universal" designation. MiCash Inc., an innovative prepaid card marketer and money service business, announced the launch of a prepaid debit card that offers cardholders the ability to make card-to-card or card-to-cash worldwide money transfers.
MiCash is a leading provider of general purpose, prepaid debit card services, such as payroll cards and general purpose reloadable prepaid cards, with unique remittance capability. In addition, MiCash is an experienced leader in offering MiCash-branded cards as well as partnering with national retailers to offer co-branded prepaid card programs that boost retail revenue and encourage customer loyalty.
“We utilize world class technology to provide fair-priced, value-added financial services, like our international money transfer service,” says Daniel Levinas, President and CEO of MiCash Inc. “This unique money remittance service provides immigrants with an affordable, safe and convenient way to send money to family in another country.”
While other loadable prepaid debit cards allow bearers to transfer only from card to card, the MiCash prepaid card allows for card-to-cash transfers as well. MiCash cardholders simply set up friends and family as recipients, and call customer service or log onto an online account to make a transfer. For a flat fee, users can transfer from their card to a recipient for pick up at any one of more than 12,000 Bancomer Transfer Services' locations in Mexico, South and Central America, India, the Philippines, China and other locations.
"MiCash strives to make a positive difference in the lives of people who either do not have access to, or choose not to use, mainstream financial services," says Levinas. "With the current economic situation in the United States, reloadable prepaid cards offer tremendous value to credit constrained consumers. MiCash prepaid cards offer cardholders convenience, value and a way to budget for expenses."
In addition to international money transfers, MiCash prepaid cards offer unbanked or underserved consumers access to many of the same amenities that bank account holders receive with their accounts: FDIC-insured funds, cash withdrawals at millions of ATMs worldwide, the ability to pay bills more easily, mobile banking, free direct deposit and other conveniences.
For the individual consumer with little or no credit and no bank account, the MiCash prepaid card opens up access to electronic purchases and bill paying, safer spending and money management, convenient overseas money remittance and other services that cannot be fully or conveniently accessed by someone using only cash. The enhanced buying power reloadable prepaid debit cards provide to these consumers can be instrumental in gaining greater access to goods and services, as well as building credit history.
For more information about MiCash prepaid cards, visit MiCash.netAbout MiCash Inc.:
MiCash Inc. is a leading provider of financial services to underserved consumers and a pioneer in offering a remittance-enabled general purpose, re-loadable, prepaid debit card as well as remittance-enabled payroll debit cards. The unique remittance feature enables cardholders to transfer money from their card to a recipient in cash. MiCash is an experienced leader in partnering with national retailers to offer co-branded prepaid card programs, and is a federally-registered Money Service Business (MSB) that complies with state and federal laws and regulations, including the Bank Secrecy Act and USA PATRIOT Act.
Media Contacts: Amanda Hallock – 202-338-7474
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FSV Payment Systems, Inc. and MiCash Inc. Team Up To Offer International Money Transfer Service
Partnership saves time and money for FSV’s payroll debit cardholders
HOUSTON, January 17, 2008 – FSV Payment Systems Inc., a leading provider of stored value processing and prepaid card solutions, and MiCash Inc., an innovative licensed money transfer business, today announced the general availability of a fully integrated card-to-cash international money transfer functionality on prepaid payroll debit cards offered by FSV. This unique functionality is available currently to MiCash prepaid debit cardholders.
Unlike card-to-card money transfer solutions for payroll debit cards, the MiCash / FSV solution does not utilize a companion card that must be delivered to the recipient in advance. The recipient can collect funds in cash at one of Bancomer Transfer Services’ more than 12,000 locations in Mexico, South and Central America, India, the Philippines, China and other locations. Fund recipients could also choose to have the money deposited to a bank account for certain destinations.
Worldwide remittances are estimated at $300 billion for 2006, according to a report by the UN International Fund for Agricultural Development (IFAD) and the Inter-American Development Bank (IDB).
“The MiCash / FSV money transfer solution delivers convenience to cardholders without requiring a behavior change on the part of the recipient,” said Jonathan Palmer, FSV’s President and CEO. “The process takes only minutes to complete – from the cardholder’s phone call to FSV or request on a secure Web portal, to the recipient picking up the cash at a local bank or money transfer agent, or even having it delivered to his or her home.”
The service is competitively priced for payroll debit card holders. Cardholders pay a low flat fee regardless of the destination country, delivery method or amount of the transfer.
“Extending our unique international money transfer capability to FSV’s payroll cardholders demonstrates the power of our partnership to provide unmatched convenience and value to customers,” stated MiCash Chief Executive Officer, Daniel Levinas.
FSV’s payroll cardholders who regularly make international money transfers establish a list of friends and family who may be recipients. All recipients are screened in advance, and velocity limits control the frequency and amount of transfers to assure compliance with regulations.
The service is available to cardholders residing in states where MiCash is an authorized money service business.
About FSV Payment Systems
FSV Payment Systems is a leader in the stored-value and prepaid debit card industry, providing full-service programs and processing services. Founded in 1999, the company has extensive experience in payroll and benefit cards, loyalty, incentives and promotions, healthcare and gift cards. The Company is headquartered in Houston, Texas and operates a state-of-the-art Client and Customer Service Center in Jacksonville, Florida. For more information, visit www.fsvps.com.
About MiCash
MiCash Inc is a leading provider of financial services to underserved consumers and a pioneer in offering remittance-enabled general purpose, re-loadable, prepaid debit cards as well as remittance-enabled payroll debit cards. MiCash is a federally-registered Money Service Business (MSB) that complies with state and federal laws and regulations, including the Bank Secrecy Act and USA PATRIOT Act. For more information, visit www.micashcard.com.
About Bancomer Transfer Services
Bancomer Transfer Services, Inc. (BTS) is a non-bank subsidiary of BBVA Bancomer and is licensed for money transmission from the United States abroad. Provider of money transfer services since 1995, BTS is headquartered in Houston, Texas and currently provides service to Mexico, the Caribbean, Central and South America, Europe and Asia. BTS has the largest bank distribution in Latin America.
MiCash Melina Formisano – 202-338-7474 -
MiCash Partners with FSV Payment Systems
Introducing new technology that expands product line and increases security
(Washington DC) MiCash, Inc. today announced that it has partnered with FSV Payment Systems, Inc. (FSV) to expand its range of prepaid card products.
Through this partnership, MiCash will market the MiCash Prepaid MasterCard® card through various distribution channels. The MiCash Prepaid MasterCard is accepted at millions of retailers worldwide, everywhere Debit MasterCard is accepted. The cards can be used to obtain cash at over a million ATMs worldwide. The card also affords consumers re-loading and remittance capability all on one card. In addition, MiCash customers enjoy the benefits of accepting payroll deposits directly onto their card, without the need for a bank account. MiCash is a federally-licensed Money Service Business (MSB) that meets all state and federal laws, including Anti-Money Laundering, Bank Secrecy and USA PATRIOT Act regulations. MiCash offers such innovations as wireless alerts to cardholders’ mobile phones and access to electronic lay-away programs for the purchase of household goods.
This alliance offers immediate benefits with new, real-time tracking and financial reporting, along with world-class processing technology. “Our platform will allow MiCash to broaden the range of products and services it offers to its customers, specifically in the arena of general prepaid and payroll cards.” said Jonathan Palmer, President and Chief Executive Officer of FSV. “This partnership further exhibits MiCash’s commitment to providing quality products to an increasingly diverse customer base,” stated Javier Palomarez, Chief Marketing Officer of MiCash. “Combining quality and security with innovative, reliable and affordable products is a winning formula for both the consumer and our respective companies,” Palomarez added.
With the MiCash Prepaid MasterCard, consumers can receive valuable protection from fraudulent or unauthorized transactions if the card subject to fraud loss or theft. The Federal Deposit Insurance Corporation (FDIC) insures all funds loaded onto the card. The MiCash Prepaid MasterCard is issued by MetaBank pursuant to license by MasterCard International Incorporated.
For more details on MiCash Inc., please visit www.micashcard.com or call 202-338-7474.
For more details on FSV Payment Systems, please visit www.fsvpaymentsystems.com or call 1-800-881-1945.
About FSV Payment Systems
FSV Payment Systems is a leader in the stored-value and prepaid debit card industry, providing full-service programs and processing services. Founded in 1999, the company has extensive experience in payroll and benefit cards, loyalty, incentives and promotions, healthcare and gift cards. The Company is headquartered in Houston, Texas and operates a state-of-the-art Client and Customer Service Center in Jacksonville, Florida. For more information, visit www.fsvps.com.
About MetaBank
MetaBank is a federally-chartered savings bank headquartered in Storm Lake, Iowa. Meta Financial Group, Inc.® is the bank holding company for MetaBank, MetaBank West Central, Meta Payment Systems®, and Meta Trust Company®. The Meta Payment Systems division of MetaBank based in Sioux Falls, South Dakota, serves banks, processors, and third party marketers by providing prepaid cards, credit cards, ACH origination, merchant acquiring, ATM sponsorship, and money transfer. Meta Financial Group is traded on the NASDAQ Global Market: CASH. For more information call 605.275.8052 or visit http://www.metacash.com.
About MiCash
MiCash Inc is a leading provider of financial services to underserved consumers and a pioneer in offering remittance-enabled general purpose, re-loadable, prepaid debit cards as well as remittance-enabled payroll debit cards. MiCash is a federally-registered Money Service Business (MSB) that complies with state and federal laws and regulations, including the Bank Secrecy Act and USA PATRIOT Act. For more information, visit www.micashcard.com.