Bridgewater Bank and Posatel have entered into a partnership on a new product, MY SURPRISE CARD. It is a MasterCard-branded, non-reloadable, prepaid gift card available in denominations of $25, $50 and $100 from retailers across Canada. The cards will begin to appear in retail outlets across Canada including regional and national gas, convenience, and general merchandise chains.
Through this partnership, Montreal-based Posatel, a point of sale (POS) systems provider, will design, market and distribute the gift cards to participating retail outlets and provide the electronic system that is used to process card authorizations and purchases.
Through its status as a federally chartered bank and a principal member of MasterCard International (MCI), Calgary-based Bridgewater Bank is authorized to issue the prepayment cards. Bridgewater will also establish procedures and guidelines, monitor risk and fraud, and coordinate the settlement process with MCI.
With the introduction of the gift card to the marketplace, Bridgewater Bank and Posatel are now focusing their efforts on other forms of reloadable cards to take the place of payroll, benefit, incentive/promotion and medical spending and expect to have a reloadable card out in early 2010.
Bridgewater Bank said that MY SURPRISE card offers a reliable, convenient, easy to use and secure payment system through the added bonus of acceptance at any merchant that accepts MasterCard.
Peter O’Neill, chief operating officer of Bridgewater Bank, said: “The introduction of the MY SURPRISE card is a significant milestone for Bridgewater Bank. It’s our first non-mortgage, non-GIC product and is the culmination of a lot of ambition, hard work and high hopes for the Bank’s expansion into a range of new products and services.”
Charbel Fraifer, president, said: “The POSATEL model is to stay one step ahead of the marketplace by anticipating and responding quickly with solutions that meet the wants and needs of retailers and consumers for efficient, seamless payment interactions.”
