| ATM Visa PrePaid Card Reloads |
| By Credit Federal |
Published
09/27/2008
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Visa Credit Card
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ATM Visa PrePaid Card Reloads
Visa ReadyLink to be brought to participating ATMs nationwide, making it easier for cardholders to load money.
Visa extends the Prepaid card reload capabilities. System enhancement will bring Visa ReadyLink to participating ATMs nationwide, so cardholders can load funds at ATM machines.
Visa Inc. announced an enhancement to its prepaid reload network, Visa ReadyLink, which will enable cardholders to add funds to certain Visa prepaid cards at participating automated teller machines (ATMs) that accept envelope-free deposits across the United States. The new service is expected to rollout later this fall.
More than 7,000 merchant locations across the U.S. have implemented Visa ReadyLink since it first launched in 2006. The innovative service supports the adoption of prepaid products by helping meet the needs of financially underserved consumers (the over 80 million bad credit people in the U.S. who lack access to a payment card or a traditional banking relationship, and who rely heavily on cash for everyday transactions).
With Visa ReadyLink, consumers have an easy way to reload funds to Visa reloadable prepaid cards; including payroll, general purpose reloadable and government disbursement cards, at everyday merchant locations like supermarkets and convenience stores, providing immediate access to funds with a safer, more convenient payment alternative to cash and checks.
Thousands of envelope-free ATMs (ATMS that enable people to insert cash or checks without an envelope) make it convenient for cardholders to make deposits. Likewise, consumers with eligible Visa reloadable prepaid cards will be able to add cash funds to their cards conveniently and securely in the same manner at participating ATMs.
Brian Triplett, Global Head of Prepaid Products at Visa Inc., said: "Standing in long check-cashing lines and carrying around a week's wages in cash is often the norm for people without access to a payments card or bank account. 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 check spend."
In addition to consumer benefits, the expansion of Visa ReadyLink delivers greater value to ATM owners and financial institutions. For ATM owners, Visa ReadyLink creates an opportunity to provide innovative services to customers that can help drive incremental revenue, all through an existing VisaNet connection. For financial institutions, VisaReadyLink transactions are processed like any Visa transaction; and as with any authorized and approved transaction, funds are guaranteed by the ATM acquirer to the card issuer.
Visa and its partners are investing in the growth of the prepaid category to penetrate paper-heavy payment segments in the U.S., while creating opportunities for Visa to grow electronic payments in countries that still rely heavily on cash, Visa's largest global competitor. Increasingly, consumers are turning to prepaid products for the convenience and security they provide, while businesses and governments are realizing cost savings and efficiencies by distributing payroll and benefits, like unemployment and child support funds with a Visa prepaid card instead of checks.
Apply for a Visa Prepaid Card or browse other ATM credit card offers.
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