Usio, Inc. (Nasdaq: USIO), an integrated electronic payment solutions provider, and Mastercard (NYSE: MA), a technology company in the global payments industry, today announced efforts to continue to integrate Usio's prepaid platform into Mastercard's City Possible(TM) network.
"What began as an introduction from Mastercard to help the Mayors Fund for Los Angeles provide direct financial assistance to Los Angeles residents whose livelihoods were hardest hit by the pandemic is now evolving into a much deeper relationship between Usio and Mastercard's City Possible network," said Houston Frost, Senior Vice President, Prepaid Products, of Usio. "Through Mastercard's City Possible program and Accelerator for America, we have been able to rapidly deploy our prepaid card solutions to dozens of organizations across the country to get money into the hands of those who need it most."
Prepaid card solutions provide organizations with a simple way to distribute funds, and the recipients get an instrument to access the money immediately, without the need of a bank account or check cashing.
"At the height of the pandemic in Los Angeles, hundreds of thousands of people were left without an income, it was clear there would be a dire and immediate need for direct financial assistance," commented Miguel Gamino, Executive Vice President Enterprise Partnerships and Head of Global Cities, Mastercard. "Usio developed an innovative solution utilizing their unique technology to assist those in need. With Usio's support, we have expanded this comprehensive program to five of the ten largest cities in the United States. We look forward to expanding our relationship with Usio as the City Possible network continues to grow."
La Paz Chattanooga is an organization that has partnered with Usio and City Possible to disburse financial resources to those in need, specifically in the Latinx community in and around the Chattanooga, Tennessee area.
Stacy Johnson, La Paz Executive Director, commented, "The most important thing La Paz can do as an organization during this global pandemic is continue to advocate for inclusion of the Latinx community and ensure access to services and important information. Our La Paz team is working alongside so many amazing partners like Usio, City Possible and others in our local community. We ask you to join us and share this important information so that no one is uninformed."
Usio's Card platform offers several key features that ideally complement the funds disbursement needs of many of the programs managed under the Master City Possible network:
The cards provide cash access. The cards can be used everywhere, including ATMs and retail outlets. Organizations providing the cards can configure the program to allow or restrict cash access and certain merchant categories, if desired.
The cards can be reloaded, up to a maximum balance of $2,500 at any given time. Organizations can continue their support by adding funds as needed.
The cards can have merchant category code (MCC) restrictions, allowing purchases to be limited to specific merchant types based on each individual partner's needs and/or requests.
The cards can be sent virtually via text or email. These days, each day can make a difference. Recipients can immediately collect and use a virtual card online. The virtual card can also be added to Apple Pay, Samsung Pay or Google Pay.
About City Possible(TM)
Pioneered by Mastercard, City Possible is a new model for urban collaboration where cities, companies and communities come together to address common challenges. For the first time in history, more than half the world's population lives in a city. As the world becomes more urbanized, City Possible looks to reshape cities for the digital age.
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. Our global payments processing network connects consumers, financial institutions, merchants, governments, and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities - such as shopping, traveling, running a business, and managing finances - easier, more secure, and more efficient for everyone. Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
About Usio, Inc.
Usio, Inc. (Nasdaq: USIO), a leading integrated payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, and card issuers. The Company operates credit, debit/prepaid, and ACH payment processing platforms to deliver convenient, world-class payment solutions and services to their clients. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the prepaid sector. Usio is headquartered in San Antonio, Texas, and has offices in Austin, Texas, and Franklin, Tennessee, just outside of Nashville.
Websites: www.usio.com, www.singularpayments.com, www.payfacinabox.com, and www.akimbocard.com. Find us on Facebook(R) and Twitter.
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