Usio, Inc: (Nasdaq:USIO), a FinTech and integrated electronic
payment solutions provider, today announced it was awarded a
contract by the New York City Economic Development Corporation
(NYCEDC) to support the mayor’s recently initiated Vaccines
Incentive Program. Under this program, the city will provide a
$100.00 cash reward to New York State residents and employees who
receive their first dose of the COVID vaccine at sites that
run on the City’s vax4nyc appointment platform. Eligible sites are
listed on the City’s Vaccinefinder tool.
First-time shot takers will either be mailed a pre-paid debit
card or be issued a digital one immediately via email. Usio’s
contract is to provide both the physical and virtual cards and
underlying electronic payments technology. According to New York
City Mayor Bill de Blasio, over 60% of the city's population has
received at least one COVID-19 shot. As a result, approximately 40%
of the eligible population of New York City qualifies for the
incentive where they will receive a Mastercard branded Usio prepaid
card.
Louis Hoch, President and Chief Executive Officer of Usio, said,
“We are very honored that the NYCEDC has chosen Usio for this very
important program. Our ability to quickly offer a solution that
provided the convenience and simplicity NYCEDC wanted for the
payments element of this program illustrates our ability to provide
creative, innovation payments technology in both the physical and
virtual worlds. The program is already up and running, and we look
forward to supporting its success in achieving the mayor’s vision
for New York City.”
“New York City Economic Development Corporation is proud to work
with Usio to implement this important incentive program,” said
NYCEDC President and CEO Rachel Loeb. “We have already surpassed
$6mm in vaccine incentives, with a goal to distribute $20mm, and
vaccinations are key to keeping New Yorkers healthy and to a strong
recovery for all. We cannot have economic health without good
public health, and we hope this important program will encourage
more New Yorkers to get their life-saving vaccinations.”
Miguel Gamino, Executive Vice President, Enterprise Partnerships
and Head of Global Cities and City Possible, Mastercard, commented,
“It will take a collective public-private response to emerge from
the pandemic stronger and more inclusive. We are proud to support
Usio and NYCEDC’s efforts to incentivize rapid vaccinations for the
residents of New York City. Through City Possible, pioneered by
Mastercard, we partnered with Usio to leverage our products to
assist in emergency response efforts that brought critical
financial aid to those in need. We look forward to expanding our
partnership to support communities across the country with the
equitable distribution of vaccines.”
Houston Frost, Senior Vice President of Corporate Development
and Prepaid Products, added, “I echo Louis’ sentiments in thanking
the NYCEDC for the opportunity to provide the electronic payments
backbone for this important, rapidly growing and highly visible
program. This contract is a natural outgrowth of the prepaid and
related solutions we’ve been providing to New York City agencies
since last year when they were tasked with disbursing funds under
the various charitable and other economic assistance programs
developed in response to the pandemic. For many of those programs,
prepaid was the payments solution of choice because of its many
advantages relative to other payment types. Under this program,
recipients can choose to either have a prepaid card mailed to their
home, or receive their payment immediately on their smartphone,
where we will be using our leading virtual card technology. Our
goal is to provide users with a convenient, easy-to-use electronic
payment solution that offers them all the advantages of better
recordkeeping, tracking and other benefits and is offered in a
contemporary format with which their ultimate consumer is extremely
comfortable.”
About Usio, Inc.
Usio, Inc. (Nasdaq: USIO), a leading FinTech integrated payment
solutions provider, offers a wide range of payment solutions to
merchants, billers, banks, service bureaus, crypto exchanges, 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.payfacinabox.com, www.akimbocard.com
and www.usiooutput.com.
About NYCEDC
New York City Economic Development Corporation is a
mission-driven, non-profit organization that creates shared
prosperity across New York City by strengthening neighborhoods and
growing good jobs. NYCEDC works with and for communities to provide
them with the resources they need to thrive, and invests in
projects that increase sustainability, support job growth, develop
talent, and spark innovation to strengthen the City’s competitive
advantage. To learn more about our work and initiatives, please
visit us on Facebook, Twitter, or Instagram.
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 such risks related to an economic downturn as a result of
the COVID-19 pandemic, the realization of opportunities from the
IMS 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, 2020. 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:Joe Hassett, Investor
Relationsjoeh@gregoryfca.com484-686-6600
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