AUSTIN, Texas, Oct. 30, 2012 /PRNewswire/ -- Bonsucesso and Rev Worldwide, a payment innovations company, announced the launch of the MEO (My) Card, Brazil's first general purpose reloadable prepaid MasterCard promising to revolutionize financial inclusion among individuals with limited access to financial services, leveraging non-traditional channels of acquisition, proprietary mobile payments technology and a robust debit card program platform.
"Currently, 40% of the economically active population in Brazil does not have access to financial services and 55% of people still get paid in cash," stated Paulo Henrique Pentagna Guimaraes, Bonsucesso Bank President. "The MEO Card will bring a new level of financial access to the masses unlike anything that exists in our country today. It creates an easy way for people to bank without the need to visit a bank location or go through the formal bank account opening process."
Set for availability via grocery stores, pharmacies, and other convenient locations nationwide, the MEO Card expects to deliver the best prepaid program practices from around the world from Rev's growing international presence, offering customers MasterCard network universal acceptance, a simple fee structure, with integrated mobile payments functionality, and a large network of merchants for reload of funds.
Roy Sosa, CEO of Rev Worldwide, added, "MEO represents our company's mission to continue to empower customers worldwide with innovative products. We are proud to have another first, especially in a country like Brazil where so many people need and are ready for this product."
In addition to enjoying the benefits of MasterCard acceptance across a network of over 30 million merchants and hundreds of thousands of ATMs worldwide, including the thousands of Cirrus ATMs. The MEO Card will also allow users to send money from one account to another using their mobile phone, via SMS and smart phone application. Additionally, it will also feature carrier-agnostic mobile top-ups for pre-paid phones, allowing customers to track deposits, payments and balances in real time. The card may also be reloaded via the Boleto Bancario (banking ticket) network, which comprises 150,000 merchants across the country that take cash-based bill payments.
The card will be available nationally during the fourth quarter of 2012. For more information please visit http://www.meocartao.com.br.
According to a recent MasterCard study, the Brazilian prepaid card market is estimated to rise from $1.7 billion in 2009 to $17 billion in 2017.
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.
Started by the entrepreneurial spirit of Paulo Vivas Guimaraes, Group Bonsucesso began in the early 60's, as an evolution of the former Bank of Minas Gerais, when Paulo Vivas Guimaraes acquired Carbel S / A, today the largest utility Volkswagen of Minas Gerais and one of the largest in the country. This created the opportunity to expand the retail business into the areas of trusts, insurance brokerage, enabling the creation of the Group's financial arm, Bank Bonsucesso. For more information on the bank, please visit www.bancobonsucesso.com.br.
SOURCE Rev Worldwide