Rev Unveils RevCOIN, A Mobile Account Solution for Underserved Merchants Worldwide
CGI America Announcement Follows Previous Commitment to Accelerate Financial Inclusion at Point of Sale Without Requiring A Bank Account
AUSTIN, Texas and CHICAGO, June 7, 2012 /PRNewswire/ -- Rev Worldwide, a global payment company for underserved markets, today announced, as participating member of the Clinton Global Initiative America Panel on Financial Inclusion, an international mobile payments solution allowing businesses of any size to accept credit/debit cards and gain access to capital instantly, without the need to have a bank account. The new service, named RevCOIN, includes a free app; prepaid business debit card; and credit/debit card reader operating on the iPhone (iOS) and Android mobile platforms. RevCOIN provides a comprehensive and streamlined mobile payments platform allowing users to fully process transactions, and instantly access funds without a traditional bank account required.
RevCOIN is a "business-in-a-box" mobile payments solution allowing any business or entrepreneur to start accepting payments the same day their account is set up, RevCOIN card reader not required. With RevCOIN merchants can accept payments one minute and the next put the money they collected to work paying bills, buying supplies or even paying employees with their virtual and/or physical business debit card, allowing for instant access to funds.
"Traditionally cash has been the only convenient, universally accepted form of payment many entrepreneurs around the world can afford to accept," said Bertrand Sosa, Co-Founder and President of Rev Worldwide and participating member of CGI. "New technologies have made significant achievements but lack a serious commitment to financial inclusion and access to capital at the core of their strategies. Industry providers are still going after the same customer base while ignoring the emerging markets entrepreneur," he added.
Unlike other mobile payment solutions available today that allow for payment acceptance via card readers, RevCOIN is a comprehensive business solution for underserved merchants allowing for money in and out of the system. Key differences include, but are not limited to the following: no need for a bank account; a ready to use prepaid business debit card; FDIC insured (for U.S. accounts only), instant access to funds after payment is accepted; live customer support, an industry low swipe rate of 2.55%; mobile account transfer and management features including P2P transactions, a virtual card offering and more.
"RevCOIN successfully overcomes the barriers to financial access for underserved merchants. We believe putting COINs in the hands of merchants is essential to unlocking financial access in underserved markets and will not only jumpstart the growth of businesses but also the growth of payment networks and financial products and services among the underserved," said David Clifton, Senior Vice President of Global Merchant Services of Rev Worldwide.
Rev Worldwide develops, operates and markets integrated prepaid card and mobile payments programs, like RevCOIN, for partner financial institutions, telecommunications firms and merchants around the world designed to drive widespread commercial availability of financial products and services. For more information, please visit www.revworldwide.com.
About Rev Worldwide
Dedicated to driving widespread commercial availability of financial services in underserved markets around the world, Rev Worldwide helps partners rapidly and effectively access hard-to-reach markets and enables underserved consumers to make affordable, safe and convenient financial transactions. Rev's full range of integrated mobile and prepaid card solutions – including Rev-branded, co-branded and affinity products – are issued by banks, powered by its multi-language, multi-currency processing platform and delivered by partners and directly to consumers through its growing retail network. Rev is headquartered in Austin, Texas and operates in North America, Latin America, Europe, and Asia-Pacific and is a member of the MPOWER Ventures investment portfolio. Learn more at www.RevWorldwide.com.
SOURCE Rev Worldwide
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