Zoompass Holdings Inc.

Zoompass Holdings Inc.

May 24, 2017 14:48 ET

ZOOMPASS Virtual Card Program Enables Latin American (LATAM) Consumers access to US E-Commerce Markets

TORONTO, ONTARIO--(Marketwired - May 24, 2017) - Zoompass Holdings Inc. ("Zoompass" or the "Company") (OTCQB:ZPAS) is pleased to announce the following update on the Company's business and information objectives going forward.

Zoompass is pleased to announce that it has been successfully operating a unique virtual card program in Latin America (LATAM) through agreements with companies in Miami and the Dominican Republic to enable e-commerce transactions. This program provides consumers outside the US with the ability to purchase US products online with prepaid cards provided to them virtually on their mobile phone. The program addresses an ongoing issue whereby consumers in LATAM cannot buy most products online from the US without a US address and US credit card. This program allows LATAM consumers virtual credit cards via a mobile push to their phone giving them a US credit card number, expiration and CVV. These programs are being facilitated through courier companies which also provide US addresses and shipping for all products purchased creating a full turnkey solution for consumers. Zoompass plans to expand the program to the rest of LATAM, as well as to other parts of the world that are experiencing the same difficulties purchasing US products online. Statista (www.statista.com) provided statistics on the size of the e-commerce market in Latin America with sales in 2016 at $57 billion USD and projected sales in 2019 to be $84.75 billion USD.

Steve Roberts, President of Zoompass, stated, "This is an illustrative example of making money mobile. We believe our virtual card programs are the way of the future and we are excited to make US products via e-commerce, much more accessible for people all over the world that don't have the same access. We are positioned well to benefit from and help the growth of the LATAM e-commerce market."

About Zoompass: Zoompass is a leading financial services technology company with a unique place in the Fintech space as both a financial platform provider with divisions in physical prepaid cards, financing enablement, and mobility products. Zoompass provides businesses and government tailored solutions to help digitize their financial transactions. In the card sector, Zoompass offers complete program management services for a wide range of open loop Visa® and MasterCard® prepaid and virtual card accounts. Zoompass enables businesses to provide their customers with a number of open loop card choices including, gift card, incentive cards, check replacement cards and online virtual card accounts. The company also provides advanced mobile technology, enabling businesses to provide their customers with a white label mobile wallet solution, like Zoompass, with the ability to manage their card balances, bill pay, transfer funds and perform card to card money transfers in real time using their mobile devices. Zoompass's mobile device division helps carriers and mobile device manufacturers integrate the financial platform technology into their offerings. For more information about Zoompass, visit www.zoompass.com.

Safe Harbor:

From time to time, the Company may issue news releases that contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. Forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause actual financial or operating results, performances or achievements expressed or implied by such forward-looking statements not to occur or be realized. Forward-looking statements made in this press release generally are based on our best estimates of future results, performances or achievements, predicated upon current conditions and the most recent results of the companies involved and their respective industries. Forward-looking statements may be identified by the use of forward-looking terminology such as "may", "will", "could", "should", "project", "expect", "believe", "estimate", "anticipate", "intend", "continue", "potential", "opportunity" or similar terms, variations of those terms or the negative of those terms or other variations of those terms or comparable words or expressions. Potential risks and uncertainties include, among other things, such factors as general economic conditions, the fulfillment of sales orders, delivery of product, the impact of legislation and the competition within our industry.

Contact Information

  • Zoompass Inc.
    Rob Lee, Steve Roberts, Brian Morales