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| SelectCore Teams with Home Trust | | Will Offer Prepaid Card in Canadian Market | | TORONTO, ONTARIO (March 4, 2013) SelectCore Ltd. (TSX VENTURE:SCG) a provider of prepaid payment solutions, has teamed up with Home Trust, a wholly owned subsidiary of Home Capital Group Inc. (HCG.TO), to offer corporate and public sector prepaid card and payment solutions through Visa Canada (NYSE:V) and MasterCard Canada (MA).
The company says the Canadian payments market is anticipating explosive growth as Canada shifts into the digital age and moves away from paper checks and cash forms of payment. They say this new venture will enable SelectCore and Home Trust to harness this growth and capture marketshare.
SelectCore says Prepaid Visa and MasterCard cards will be a key driver in the evolution of check replacement - driving cost savings for government agencies, corporations and consumers alike. The Canadian Task Force for the Payments System Review has set forth recommendations to reduce the use of checks by 80 percent.
The company says the Canadian prepaid market is expected to grow to an estimated $19.2B in the next five years, with an addressable market surpassing $125B. Their focus will be on targeting emerging segments of the market that are expected to drive the majority of this anticipated growth, including government benefits, healthcare, payroll, travel and incentives.
"We are excited by the opportunity to enter this rapidly growing payments space," said Gerald M. Soloway, CEO, Home Trust. "By expanding our portfolio to include prepaid card solutions, we are further diversifying our business. We look forward to building and developing our relationship with SelectCore."
Keith McKenzie, president of SelectCore, said, "We are delighted to be working with one of Canada''s leading alternative financial services companies."
Source: SelectCore Ltd.
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| © 2013, The Prepaid Press |
