Today Global Payout announced the launch of a new payroll card program through its European subsidiary, Global Funding Ltd. The new payroll card, a prepaid Mastercard® with “chip and pin” technology branded as “the Premier”, is the newest addition to Global Funding’s “chip and pin” program. Global Funding is currently rolling out an aggressive chip and pin program in Europe.
The card will be extended to European registered companies as a payroll option for their employees and independent contractors as a payment reception option. It offers secure transactions and is widely accepted online as well as in stores, restaurants, and ATM machines where Mastercard® is accepted. Because it is electronic, it offers users the ability to cut down on traditional costs associated with payment, including costs of checks, wires, and cash disbursements.
According to Global Payout, chip and pin technology has the power to make traditional features associated with consumer cards obsolete. Specifically, the technology adds an additional layer of consumer protection on top of magnetic strip swipe terminals, rolls of paper, and required signatures, which helps clamp down on incidences of fraud and security breaches. The chip and pin technology is applicable to any debit, prepaid card, credit, and ATM card. Transactions are only validated when a cardholder’s personal identification number matches the encrypted information embedded in a card’s microchip.
The issuing bank for the card program is IDT Financial Services Limited of Gibraltar, subsidiary of U.S.-based multinational company IDT Corporation, which has offices in over 30 countries around the globe. As program manager for the card program, Global Funding will hold general contracting responsibilities including card design and production, and support for card issuance, card delivery, card distribution, and card inventory management. It also maintains the program’s customer service functions and regulatory compliance and is contracted directly with IDT Financial Services.
Jim Hancock, Global Payout’s CEO stated, “Experts estimate there is approximately $3 trillion of cash and check expenditures that are ripe for electronic conversion. With our global reach, ability to make payments and automatic currency exchanges in all OFAC compliant countries, and the push for greater security, Global Payout intends to aggressively pursue the many major prepaid debit card opportunities utilizing chip and pin in Europe. And with the exceptional adoption rates both in Zone 1 and Zone 2, 73.9% and 12.7%, respectively, and in combination with our Consolidated Payment Gateway payment platform, we see a real value proposition for many European companies, organizations, government agencies, cardholders and account holders.”
According to Global Payout, chip and pin technology has been shown to have a drastic effect on fraud and security breach episodes, measured in billions of dollars saved on an annual basis. The United States is reported to be making this integrated circuit card technology mandatory by October 2015. Chip and pin technology has demonstrated an ability to reduce fraud and compromised security incidences by 30 percent. Global Payout estimates that cardholders of European companies will gain greater acceptance in over 130 countries around the world, where chip and pin technology is embraced.
For more information, visit: www.globalpayout.com
Let us hear your thoughts: Global Payout, Inc. Message Board