3V Transaction Services Ltd.

October 23, 2009 12:11 ET

CORRECTION FROM SOURCE: 3V Online Payment Platform to Be Launched in Canada

Banking and Distribution Partners secured with market rollout expected early 2010

TORONTO, ONTARIO--(Marketwire - Oct. 23, 2009) -

A correction from source is being issued with respect to the release sent out on October 21, 2009 at 3:20 PM EDT due to multiple revisions. The corrected version follows.

3V Transaction Services Ltd., Ireland's leading online payments company today announced it is set to launch its flagship Virtual Visa® Voucher ("3V Voucher") product in Canada. The announcement was made as part of the Enterprise Ireland Trade Mission to Canada. Peoples Trust Company will be the issuing financial institution and VendTek Systems Inc. will be the distribution partner for the 3V Voucher product in Canada. The product is expected to be launched in early 2010. 3V Transaction Services Ltd., estimates approximately $100 million in online payments will be made annually with the 3V Vouchers. 

The 3V Voucher enables credit-conscious customers, or those who may not have access to a credit card, the ability to shop online using prepaid vouchers that have a unique 16-digit Visa account number, just like a Visa credit card. Customers can buy vouchers from participating retail outlets, in the same way they currently purchase credit to top up their mobile phones. Customers can purchase the amount required in 3V credit for use in one or multiple transactions. They can then go online and shop instantly, wherever Visa is accepted.

The 3V system also offers customers a safe and secure method of payment. They have the same reversal and chargeback rights as Visa credit card holders to help prevent and resolve unauthorized use. Important security details are delivered separately to the customers' email inbox or mobile phone to help counter fraud. Customers can monitor their balances and transactions online at www.3vcash.ca through IVR or by calling a dedicated telephone helpdesk.

The partnership agreements were signed in Edmonton in the presence of Tanaiste Mary Coughlan, T.D as part of the Enterprise Ireland Canada Trade Mission. Speaking at the signing, Kieron Guilfoyle, CEO 3V Transaction Services Ltd said, "These agreements mark a significant milestone in the development of 3V Transaction Services Ltd. Over the last four years we have developed and refined our product suite and organically grown a customer base that will pass the half a million mark in the coming months."

"The agreement of partnerships with both Peoples Trust Company and VendTek Systems is a huge endorsement of the viability and robustness of the 3V product. This recognition by the Canadian financial industry will hopefully open doors into other international countries," Guilfoyle continued.

Concluding, Guilfoyle reflected on the significant role Visa Canada played in supporting 3V Transaction Services Ltd development, "Visa Canada has been a huge supporter of 3V enabling us to reach this launch agreement, offering invaluable assistance and support. We look forward to working with them in the future as 3V rolls out into Canada."

About 3V

3V Transaction Services Ltd. provides innovative prepaid products primarily for use in online payment transactions. Launched in October 2005 in Ireland, 3V now has over 400,000 customers and operates in both the Republic of Ireland and the United Kingdom and will be rolling out into Europe throughout 2010. The company secured €20 million in Series A funding from Atlas Venture and Benchmark Capital Europe which enabled it launch into the UK in 2006 and develop its European product offering. In the UK the Company has also developed and operates the online Gift Card business for major online brands such as eBay, Paypal, Bebo and Habbo and plans to launch its Gift Card platform in parallel to its core voucher product in all relevant markets. The Irish company now employs 23 full time staff at its company headquarters in Dublin.

About Peoples Trust Company

Peoples Trust has become a very successful provider of financial services by combining price competitive products with truly exceptional customer service and support. They maintain a unique and enviable position among Canada's financial institutions as a result of long-term profitability, steady asset growth and the ability to perform above and beyond customers' expectations. Peoples Trust is headquartered in Vancouver, British Columbia, Canada.

About VendTek Systems

VendTek develops and licenses automated transaction system software and supporting technologies that improve the efficiency of product delivery, reduce costs to clients and offer superior safety measures. VendTek's customers, its division, Now Prepay and its subsidiaries are using e-Fresh™ software to build electronic, prepaid services networks, which enable consumers to purchase prepaid services via POS and self-serve terminals connected to a central e-Fresh™ server. This system creates significant value through improved efficiencies compared to the traditional distribution paradigm. e-Fresh™ reduces shrinkage and inventory requirements while improving consumer access to prepaid services by completely eliminating physical cards and vouchers. For further information please visit the Company's websites www.vendteksystems.com and www.nowprepay.com.

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