Thursday, May 15, 2008

Visa and Aconite to Partner reports that Visa Europe has partnered up with SSP software prepaid provider Aconite, in order to enable its users to perform secure prepaid transactions online without the need for online authorization. Balances will be stored in “shadow accounts”, and once the balance is completely reduced, purchases will not be able to be made until the prepaid card is topped off via an online transaction.

The CEO of Aconite, Mike Woods sees a huge market in this industry as he mentions:

“From our experience there is a high demand for a solution that enables issuers to rapidly embrace the enormous potential that pre-paid brings such as gift cards, payroll and travel, and to address segments such as youth and unbanked.”

Other partnerships in the works for Visa include an effort to team with Monitise, to develop a mobile prepaid account where users can create prepaid accounts from their cell phones, and load it on the debit cards and credit cards.

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