Rev Worldwide said with no proof of income or credit check required, the PanAmericano Prepaid Card, marking the first prepaid card for everyday purchases will be a convenient and affordable cash alternative to Brazil’s unbanked population, an estimated 75 million people.
With this prepaid card, customers who buy and load cash on the card can make purchases online and anywhere in Brazil or abroad where MasterCard is accepted, withdraw cash from ATMs worldwide.
Customers can also transfer funds between card accounts and use the integrated mobile features to check balances and confirm transactions from their mobile phones with a text message.
MasterCard vice president of Products Marcelo Tangioni said the launch with PanAmericano represents a strategic move for MasterCard since the prepaid card is an ideal instrument for financial inclusion that allows unbanked consumers to access the electronic payments network.
"In addition, it’s the right time to introduce the card – the prepaid market is in full swing in Latin America and today represents a $12bn market opportunity that could reach up to $80bn by 2017," Tangioni said.
Rev Worldwide chairman and CEO Roy Sosa said the company gives cardholders the ability to manage their funds anytime, anywhere via the mobile phone and can quickly and easily add mobile features that go beyond balance inquiries and transaction alerts to top-ups, bill pay and remittance.
