New Agreement to Target the $800 Billion Prepaid Opportunity
LAS VEGAS, March 8 /PRNewswire-FirstCall/ — 3PEA International, Inc. , a payment
solutions company, announced today it has signed a three year agreement with
Ukash/Smart Voucher Limited whereby 3PEA International will provide Card Processing
and Services for the United States Market.
The agreement will see the provision of enabling Ukash technology to USA-based
projects being undertaken by 3PEA international.
3PEA International will provide transaction processing and stored value card
management services. 3PEA will provide the necessary services for issuing, account
maintenance, customer service, transaction processing and settlement of funds to
support prepaid debit card programs for the US marketplace.
3PEA International has announced the partnership with Ukash to target the rapidly
growing worldwide market for prepaid card solutions. Through its patented Smart
Voucher platform Ukash currently processes millions of dollars in transactions each
month across Europe. This technology will now be further enhanced in conjunction with
3PEA to enable its use across the USA.
“According to leading industry analysts, the volume of prepaid cards in use across the
USA will be $700 – $800 billion within 10 years (1). Through working with leading
players such as 3PEA, and leveraging their knowledge of the US market, we are
confident of becoming a significant provider of prepaid solutions into this huge market,”
comments Mark Chirnside, CEO of Ukash/Smart Voucher.
Prepaid solutions are being used to replace traditional cash, check and credit card
payments in many sectors of the economy, including internet payments, payroll, gift,
and health benefits.
“We are pleased to be working with a company such as Ukash that has demonstrated
its technology credentials in Europe. Integrating the Smart Voucher platform will enable
us to better meet the unique needs of our growing client base across all sectors of
prepaid payment solutions,” said Mark Newcomer, President of 3PEA International.
(1) TowerGroup Inc.
About Ukash/Smart Voucher Ltd.
Smart Voucher Limited is a UK based specialist payment solutions and services
provider. Smart Voucher provides outsourced payment solutions using banking and
retail payment system protocols. The company’s flagship service, Ukash, is an ecommerce
cash payment method that enables online purchases using cash, to
eliminate the risk of credit and debit card fraud, repudiations and charge-backs, and
protect personal identity.
Smart Voucher is regulated by the UK Financial Services Authority (FSA) and operates
as an Electronic Money Institution. In addition to Ukash the company also provides
‘closed loop’ payment solutions such as Quickcash for William Hill Ltd. and the Skype
Credit voucher system for Skype and Sainsbury’s.
For additional information see (http://www.ukash.com/)
About 3PEA International, Inc.
3PEA International, Inc. is an experienced and trusted transaction-based solutions
provider. 3PEA through its wholly owned subsidiary 3PEA Technologies, Inc., designs
and develops payment solutions including proprietary payment terminals, secure key
loading systems, prepaid card systems, and various payment services. Since 2001,
3PEA has provided online payment solutions with specific focus in the area of PIN-Debit
transactions. The company now provides turnkey and customized payment services to
retailers, software developers and financial services companies.
Using its PayPad payment terminals and IP payment gateway solutions, 3PEA can
quickly and cost effectively help customers in various markets to payment enable their
applications. 3PEA works closely with its customers providing qualified payment
expertise to produce a payment processing solution that best suits their needs.
PINsmart®, PaySign™, 3PEA® and PayPad® are registered trademarks or trademarks
of 3PEA Technologies, Inc. in the United States and/or other countries.
For additional information please contact the company.
Certain statements in this news release may contain forward-looking information within
the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the
Securities Exchange Act of 1934, and are subject to the safe harbor created by those
rules. All statements, other than statements of fact, included in this release, including,
without limitation, statements regarding potential future plans and objectives of the
companies, are forward- looking statements that involve risks and uncertainties. There
can be no assurance that such statements will prove to be accurate and actual results
and future events could differ materially from those anticipated in such statements.
Technical complications that may arise could prevent the prompt implementation of any
strategically significant plan(s) outlined above. 3PEA International, Inc., undertakes no
obligation to publicly update or revise any statements in this release, whether as a result
of new information, future events, or otherwise.