ATLANTA, Dec. 4, 2012 /PRNewswire/ -- InComm, a leading prepaid product and transaction services company, today announced the implementation of a no-fee model for its proprietary line of Vanilla prepaid products in Canada, in conjunction with issuing partner Peoples Trust Company.
Under the new changes, which went into effect July 1, 2012, Canadian consumers who purchase products from the Vanilla line, which includes the Vanilla® Visa® and Vanilla® MasterCard® cards, among others, will receive the following benefits:
- No monthly maintenance fee
- Non-expiring balance
- No card replacement fee
"At InComm, it is always our goal to offer products that evolve along with the growing needs of our customers," said Bill Turner, vice president of financial services, InComm Canada. "This market represents a valuable inroad for our continued success within the payments sector, and we are happy to enhance our offerings in the Canadian market."
Through the new model, no fees after purchase will be assessed on any products purchased on or after July 1, 2012, regardless of verbiage on the packaging that might state otherwise. As Vanilla prepaid products can be used internationally, a 2.5 percent foreign exchange fee will apply to all foreign purchases, regardless of activation date. The Vanilla Visa and Vanilla MasterCard prepaid cards are offered exclusively by InComm.
InComm is a leading provider of cutting-edge prepaid products, services and transaction technologies to retailers, brands and consumers. InComm supports more than 255,000 retail locations in building prepaid card destinations, connects brands with new markets and gives consumers a simple, secure shopping experience. InComm stays ahead of emerging trends by analyzing market needs and leveraging its global, innovative commerce platform, go-to-market expertise and extensive partner relationships. With 123 global patents, InComm is headquartered in Atlanta and has offices in North and South America, Europe and the Asia-Pacific region. For more information, visit www.incomm.com or follow us on Twitter at www.twitter.com/incomm.
About Peoples Trust
Peoples Trust is a financial institution headquartered in Vancouver, B.C., with offices across Canada. The company is active in originating and servicing mortgages, with over $5 billion in assets under administration, and offers very competitive deposit products. Peoples Trust is a pioneer of prepaid card programs in Canada, and a market leader in both reloadable and non-reloadable card products of Visa and MasterCard. For more information, visit www.peoplescardservices.com.
MasterCard, www.mastercard.com, is a global payments and technology company. It operates the world's fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard's products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news. For more information, visit MasterCard Canada's Facebook page or follow @MasterCardCa on Twitter.