MICROCAPITAL BRIEF: NovoPayment Launches Reloadable Prepaid Mastercard LATODO in Peru

NovoPayment, a US-based prepaid card provider, in conjunction with its subsidiary Servitebca Peru, has released LATODO Mastercard, a general purpose reloadable (GPR) prepaid card program in Peru.   The card can be reloaded at supermarkets, pharmacies and other stores without the need to open a bank account. The card balance can be checked through mobile phones.

This is the second GPR program NovoPayment has launched, the first having been launched in Venezuela in 2005. NovoPayment also works in Mexico and Colombia.

By Brett Cohen, Research Associate

About NovoPayment
Founded in 2004, NovoPayment is a US-based organization providing prepaid card services in Colombia, Mexico, Peru, and Venezuela. NovoPayment partners with banks, mobile phone operators, utilities, government entities, retail chains and micro finance institutions to provide these services. NovoPayment programs have been backed by US-based credit card companies including MasterCard, Maestro, Visa and Visa Electron. NovoPayment has issued one million active cards, accounting for  48 million transactions and an annual volume of approximately USD 750 million.

Sources and Additional Resources

NovoPayment.com press release: “First reloadable prepaid card program for the unbanked launched in Peru
http://novopayment.com/2012/05/31/first-reloadable-prepaid-card-program-

NovoPayment.com press release: “About NovoPayment”
http://novopayment.com/company/about/

MicroCapital.org story, June 6, 2012, “MICROCAPITAL BRIEF: Smart Payment Solutions to Offer Debit, Prepaid Cards in Zimbabwe”
https://www.microcapital.org/microcapital-brief-smart-payment-solutions-t

MicroCapital.org story, March 15, 2012, “MICROCAPITAL BRIEF: MasterCard to Launch Mobile Phone-based Financial Services Worldwide”
https://www.microcapital.org/microcapital-brief-mastercard-to-launch-mobi

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