BURNABY, British Columbia - TIO Networks Corp. and Visa USA have entered a strategic agreement to provide consumers with cash-reload points for their Visa prepaid cards through Visa ReadyLink, Visa's prepaid load network.
According to a news release, TIO expects before the end of 2007 to launch Visa ReadyLink at ExxonMobil, Circle K and other convenience-store chains that participate in the TIO network. After the launch, customers will be able to load cash funds to eligible Visa reloadable prepaid cards at TIO's financial-services kiosks and hybrid ATMs.
"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, Visa USA's vice president of prepaid products. "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."
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, such as c-stores and gas stations. The availability of the service at participating TIO Networks c-store chains may help enhance the utility of existing reloadable prepaid card products offered by Visa issuers, including payroll, general purpose reloadable and government disbursement cards.
