On 19th June 2014, leading Canadian provider of prepaid products – DCR Strategies, under brand name TruCash – announced that it is set to launch a consumer-friendly solution that allows eligible cardholders to load funds onto prepaid cards at participating TruCash merchant locations.
The TruCash Reload Network will accept card programs enrolled in MasterCard rePower. The TruCash Reload Network will officially launch on June 21, 2014 at gold Line locations nationwide, according to the company’s press release. Full program execution at thousands of merchant locations is to be completed later in 2014.
"We are taking an already successful concept, the merchant reload network, and have added some unique twists to make prepaid more attractive for both consumers and businesses. Green Dot for instance has created a multi-million dollar business from such opportunities,” stated said Diana Fletcher, President of DCR Strategies Inc./TruCash, in a press release. “We hope to hone in on this success by expanding our merchant network and adding new and exciting contactless payment possibilities for the future," she added.
"Prepaid cards are an important tool for many Canadians, offering financial inclusion and an unsurpassed level of flexibility and security compared to cash and cheques," said MasterCard Canada's VP of Prepaid Products, Tom McTague, in the same release. "MasterCard is working hard to make prepaid products easier to use, and the TruCash Reload Network is an important step forward in these efforts," he added.
- TruCash will enable cardholders to load funds by simply utilizing cash or other accepted forms of payment at participating TruCash merchants.
- Users then swipe their card through an electronic point-of-sale device at checkout.
- Reloads are securely processed through the MasterCard rePower Network in real time, giving cardholders access to their funds immediately, says the company.
- The MasterCard rePower Network continues to expand globally and is now available in five countries.
- In Canada, MasterCard rePower is open to any issuer of reloadable prepaid card programs.
- TruCash has also partnered with Home Trust to provide acquiring services and Carta Worldwide to provide processing.
"We are pleased to have been selected as a partner in this major initiative,” stated Brian Semkiw, CEO of Carta Worldwide, in a press release. “Canada has never seen anything like this and we look forward to extending its capability into mobile account loading from a variety of methods, including contactless."
"Launching this great new prepaid MasterCard is a fantastic opportunity for us at Group of gold Line to offer our customers yet another product that gets us closer to our goal of facilitating meaningful connections,” commented Ata Moeini, CEO and President of Group of Gold Line, in the same release. “The GLPrepaid MasterCard is an empowering tool for Canadians that wish to do secure online shopping, that are underserved or companies that wish to save money by using GLPrepaid as an alternative for their payroll. We are proud to offer it."