New Multi-Application Visa Prepaid Card Debuts at Singapore 2010 Youth Olympic Games
SAN FRANCISCO, Aug 25, 2010 (BUSINESS WIRE) --
Visa Inc. (NYSE: V) has introduced the world's first Visa Prepaid card that combines general purpose payment, transit fare acceptance and event ticketing features all in one card.
The Visa Prepaid card's functions include the ability to make purchases at Visa merchants, and pay for trips on Singapore's public transportation system. The cards will also be used as the means for entry to the Singapore 2010 Youth Olympic Games (YOG) closing ceremonies on August 26, and were used for admission to the opening ceremony on August 14
The all-in-one card is the latest example of the Visa Prepaid platform's ability to deliver innovation by working with its partners to combine payments with additional applications. In addition to transit and ticketing, Visa Prepaid programs around the world can combine Visa acceptance with applications such as identification, building access, healthcare benefits, government disbursement, medical and school discounts, and money transfer, among others. Visa Prepaid cards can also be designed with multiple "purses" enabling funds from different sources on the same card.
"The inaugural Youth Olympic Games provides ana ideal platform to showcase Visa's innovation in delivering the convenience and security of a Visa payment card, combined with additional applications to enhance this one-of-a-kind experience for the more than 320,000 fans, athletes and officials expected to attend the Games," said Brian Triplett, head of global prepaid products, Visa Inc. "This first-of-its-kind multi-application Visa Prepaid card reflects the growing popularity of prepaid payments, the flexibility of Visa's Prepaid platform and Visa's commitment to supporting its financial institution clients and sponsorship partners with innovative products and programs that make their consumer engagement efforts more compelling."
Visa is collaborating with the Singapore 2010 Youth Olympic Games Organizing Committee, local banking partner DBS Bank and public transport system EZ-Link to bring the various applications together onto one card. Attendees who were awarded tickets to the opening and closing ceremonies in The Singapore Youth Olympic Games Organising Committee's April ballot received the card. The cardholders can load value onto the prepaid card at all DBS ATM kiosks, through DBS's online banking website and at AXS1 stations across Singapore.
In addition to the all-in-one card, Visa and DBS have introduced three additional Visa Prepaid cards for YOG combining transit and payment:
- A reloadable Companion Card will be issued with YOG competition tickets. This card combines payment and transit functionality. It allows cardholders to make purchases at places that accept Visa cards, and comes with a contactless EZ-link transit function that enables cardholders to enjoy free public transportation to competition venues on event days. This card can be used as a regular transit card after the Games.
- A Mascots Edition Visa Prepaid Card which features the official mascots of the Singapore 2010 Youth Olympic Games (Singapore 2010) - Lyo and Merly. The card will be preloaded with S$5 and can be used for transit in Singapore and to make payment at places that accept Visa cards, during and after the Games. The card can be purchased from all DBS and POSB branches, online via DBS' website, AXS stations and Singapore Post branches.
- A limited edition Champions Edition Prepaid Card Commemorative Card set will be made available to selected DBS clients and members of the public. Similar to the Mascots Edition, these cards come preloaded with S$5 and can be used for transit in Singapore and for payment at places that accept Visa cards, during and after the Games. A limited quantity of 5,000 sets will be produced.
Visa collaborates with financial institution clients and partners around the globe to develop innovative programs that combine payment and additional functionality, including:
- The University of Sydney offers a combination student ID card and Visa prepaid card - the first of its kind in Australia. The card recently won the Australian Banking & Finance award for Innovative Card and Payment Product of the Year
- U.S. Bank introduced the Visa Pay ID Card, allowing cardholders to use a single card for traditional magnetic stripe purchases, Visa payWave(R) transactions, and the ability to gain access to secure buildings.
- The Moscow Social Card in Russia offers pensioners a convenient way to ride the subway, access healthcare benefits and pay for their everyday expenses.
- In the U.S., healthcare benefit providers can offer Visa prepaid cards that serve as both insurance identification and payment cards, as well as offer access to multiple benefits in different "purses" on the card.
More than 320,000 people including spectators, athletes and officials are expected in Singapore for the Singapore 2010 Youth Olympic Games.
As the worldwide sponsor of the Olympic Games, Visa is the only card accepted at all official Olympic and Paralympic venues.
Visa is a global payment technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world's most advanced processing networks--VisaNet--that is capable of handling more than 10,000 transactions a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank, and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: Pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit https://www.corporate.visa.com.
1 AXS is an operator of an Electronic Service Delivery Network (ESDN), a delivery platform with AXS Stations as the first channel
SOURCE: Visa Inc.
Kate Mulhearn, 415-932-2564