SelectCore to launch Iridium pre-paid MasterCard in US
SelectCore (CVE:SCG), a provider of prepaid telecom and financial services, said Thursday it has received approval from the US Patent office to launch its Iridium MasterCard, with an initial roll-out expected in the US by the third quarter.
The news sent the company's shares up nearly 24% on Thursday to close at $0.415.
Iridium, which is already available in Canada, requires no credit check or bank account, and cards can be re-loaded repeatedly with up to a $5,000 balance.
The MasterCard also features online account access, text message and email alerts, and ATM cash access, and is accepted at millions of locations around the world, from retail stores, to online, mail and phone orders.
"A great deal of SelectCore's success to date has been a result of its retail partners' ability to connect with consumers of the same ethnic background and language," said CEO Keith McKenzie.
"Our typical locations are located in areas where the highest concentration of underbanked consumers shop."
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