Usio Prepaid Card Issuing Platform Scales Rapidly to Provide Financial Help Directly to Those Most Affected by the COVID-19 Pandemic
Usio, Inc. (NASDAQ: USIO) is expanding its prepaid card solutions to aid organizations distributing relief funds during the COVID-19 pandemic. Partnerships with CARE USA and the New York Immigration Coalition enable the rapid provision of prepaid cards to those in need, focusing on underserved communities. Usio’s platform allows flexible card usage, reloadability, and virtual access, aiming to disburse tens of millions of dollars quickly. The initiative addresses financial accessibility, particularly for individuals without traditional banking options, showcasing Usio's commitment to support communities in crisis.
- Growing partnerships with organizations like CARE USA enhancing service outreach.
- Rapid deployment of prepaid card solutions expected to disburse tens of millions of dollars.
- Flexible card features, such as reloadability and virtual access, improving user convenience.
- None.
SAN ANTONIO, May 12, 2020 (GLOBE NEWSWIRE) -- Usio, Inc. (NASDAQ: USIO), an integrated electronic payment solutions provider, today announced that a growing network of governmental, municipal, charitable and other organizations are using Usio’s prepaid platform to distribute relief funds to those in need as a result of the COVID-19 pandemic.
CARE USA, NYIC (New York Immigration Coalition), Mayors Fund for Los Angeles and many other organizations are now issuing prepaid cards with Usio as a means to distribute funds to their communities.
“Our prepaid card solutions offer a quick and convenient way to distribute funds to people in need,” said Houston Frost, Senior Vice President, Prepaid Products, of Usio. “We are able to rapidly deploy prepaid card solutions that help get money into the hands of those who need it most. A card solution provides the organization with a simple way to distribute funds and the recipient with an instrument to access the money without the need of a bank account or check cashing. We are helping support the rapid response of municipalities and charitable organizations. People need financial relief now, and Usio is pleased to be a part of this vital effort. With the numerous relationships we’ve established over the last month, we expect our platform to be used to disburse tens of millions of dollars across thousands of cards.”
CARE USA recently announced a new CARE Package® program, its first-ever domestic aid initiative. The program will provide monetary assistance, food, and essential supplies to individuals in need and at risk, including essential workers, frontline medical personnel, and caregivers. The monetary assistance in the new CARE Package will be in the form of a prepaid gift card managed by Usio.
Additionally, The New York Immigration Coalition has partnered with Usio to distribute over 4,000 prepaid debit cards. Steve Choi, Executive Director of NYIC, commented, "It’s vitally important for us to provide emergency cash assistance to immigrant New Yorkers who are not eligible for federal support and find themselves bearing the brunt of the pandemic. The Akimbo card platform is flexible and well-suited to the needs of our communities and those we serve. Usio’s ability to provide rapid assistance during this time of great insecurity and uncertainty for all New Yorkers is unmatched."
Usio’s Card platform offers several key features useful for any community organization looking to provide financial relief:
- 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.
“In many cases, charitable organizations are trying to reach individuals who may not have a bank account or credit card. In addition, the organizations may not have a way of collecting banking information or do not like the idea of issuing paper checks that would require a trip to cash a check,” concluded Frost. “Prepaid cards simplify the distribution of funds for the organization and provide the recipient with an easy way to access the money received.”
About Usio, Inc.
Usio, Inc. (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® and Twitter.
FORWARD-LOOKING STATEMENTS DISCLAIMER
Except for the historical information contained herein, the matters discussed in this release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management's intent, belief and expectations, such as statements concerning our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as "believe," "intend," "look forward," "anticipate," "schedule,” and "expect" among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company's business that could cause actual results to vary, including risks related to the COVID-19 pandemic and its effect on the economy, risks related to the realization of the anticipated opportunities from the Singular acquisition, the management of the Company's growth, the loss of key resellers, the relationships with the Automated Clearinghouse network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the volatility of the stock price, the need to obtain additional financing, risks associated with new tax legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2019. One or more of these factors have affected, and in the future, could affect the Company’s businesses and financial results in the future and could cause actual results to differ materially from plans and projections. The Company believes that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to management. The Company assumes no obligation to update any forward-looking statements, except as required by law.
Contacts
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484-686-6600
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