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BURNABY, British Columbia -- Through an agreement with financial services provider TIO Networks Corp. and Visa, participating retailers -- including ExxonMobil and Circle K convenience stores -- will be able to offer consumers financial services through Visa's ReadyLink prepaid card network.
"Our strategic alliance with TIO creates a new channel for Visa and our bank clients to reach consumers, especially those without access to a traditional bank account or a payments card," Nizam Antoo, vice president of prepaid products for Visa, said in a statement. "By making Visa reload capabilities available through TIO's national network of financial services kiosks, we're able to offer greater access and convenience for Visa prepaid cardholders who are looking for an alternative to cash and checks."
Using eligible Visa reloadable prepaid cards at TIO's self-serve automated financial services kiosks and hybrid ATMs, consumers will be able to securely reload their cards, the company stated. TIO will implement Visa ReadyLink services at ExxonMobil, Circle K and other participating convenience chains before the year-end, according to the company.
Visa estimates there are approximately 80 million financially underserved consumers in the U.S., earning approximately $1 trillion in annual income, the company stated.