Visa Extends Prepaid Platform with the Launch of International Travel Card In China

Business Wire, Oct 22, 2002

Extending Visa's Vision for Universal Commerce to Anyone

Visa prepaid products have demonstrated the potential to offer everyday convenience in a variety of circumstances where consumers and businesses have traditionally used cash, checks or payment vouchers. In addition, because there are typically no specific qualifications to purchase a prepaid card, this category offers first-time cardholders a gateway into mainstream banking. More than three billion consumers around the world -- from youth and the elderly to migrant workers and low-income individuals -- have traditionally been unable to enjoy the convenience and safety of payment cards. Often with no choice but to use cash exclusively, these individuals encounter difficulties with safeguarding their cash, making travel reservations, or participating in e-commerce. Prepaid is therefore integral to extending Visa's vision of u-commerce -- which is the ability to conduct commerce anywhere, anytime and anyway -- to anyone.

To help capture the US$2.3 trillion prepaid opportunity, Visa is continuing to work closely with industry participants to develop a cost/benefit framework for accessing new markets and enhancing relationships with existing customers.

About Visa Visa is the world's leading payment brand. Visa-branded cards generate more than US$2.3 trillion in annual volume and are accepted at more than 29 million physical locations around the world, including more than 800,000 ATMs. The Visa organization plays a pivotal role in developing innovative payment products and technologies to benefit its 21,000 member financial institutions and their cardholders. Visa is a leader in Internet based payments and is pioneering the creation of u-commerce, or universal commerce -- the ability to conduct commerce anywhere, anytime, and any way. For more information, visit www.corporate.visa.com.

For more information contact Paul Oliva, Visa International, 650/432-3742 (poliva@visa.com) or Jenna Dobkin, GCI Group, 415/974-7240, (jdobkin@gcigroup.com).