launches prepay visa card

Terrible news obviously - judging by the market reaction...

Bill Express launches the Bopo Card

Australia’s first fully functional prepaid Visa card
The directors of Bill Express Limited confirm that its wholly owned subsidiary Bopo Cards
(Australia) Pty Ltd (“Bopo”) has concluded an agreement to enable the issue of prepaid Visa
cards via an agreement with Cuscal, a leading supplier of wholesale financial services to
credit unions and other customers. Bill Express through its subsidiary will promote, distribute
and manage the operation of the Bopo prepaid Visa card. Cuscal will act as the issuer of the
Visa cards.
“Our prepaid Bopo Visa card offers an extremely wide range of uses for those who cannot
access normal credit cards to buy online and pay offline with extra features such as SMS
funds transfer between card holders. Imagine you have a teenage daughter without enough
money to pay for a taxi to get home from a party late one night. You can simply SMS funds to
her card from your’s, all in real time. The Bopo card can be used as a Visa card online, in
stores and at Visa accepting ATMs worldwide,” said Ian Christiansen, Chief Executive Officer
of Bill Express.
Bopo offers the convenience of a credit card but is not linked to a bank account, meaning the
card-holder can only spend the amount prepaid onto the card. This makes it ideal for safe
Internet purchasing and for use by anyone unable or unwilling to use a credit card. Without
the worry of credit limits and the need for credit checks it can be used by anyone in the family.
There is a business offer that includes a prepaid expense management card and a payroll
card. This Bopo card allows the holder the range of uses traditionally associated with a credit
card without being linked to a bank and its credit requirements and value can be loaded at Bill
Express newsagent locations nationally,” said Ian Christiansen.
“We are delighted to have signed the contract that will enable cards to be issued in the
market through Cuscal. Bill Express has licensed the Bopo technology / management
systems from On Q Group Limited [ASX: ONQ] for the Australian market and are in advanced
negotiations with a number of organisations which will result in the distribution of a large
number of cards in the market place. The growth of this prepaid Visa card segment is very
rapid in the United States and we expect that the Australian experience will be similar. This prepaid Bopo Visa card is an extension of our existing prepaid products strategy and shows
the convergence / synergy of the strategy. Bopo cards will be able to be loaded at 3,000 Bill
Express locations in newsagents Australia wide,” said Ian Christiansen.
Further information in relation to the distribution of the Bopo Visa cards will be reported
progressively.