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™ 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™
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.
About Mastercard
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® 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.
Contact:
Investor Relations:
Joe HassettGregory FCAjoeh@gregoryfca.com484-686-6600
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