payleven, the mobile payments company, has teamed up with Visa to introduce the payleven Visa prepaid card to the 40 per cent of Brazil’s population who do not have a bank account.
The solution allows merchants in Brazil – especially sole traders – to receive the money transacted via the payleven Chip & PIN card reader without requiring a separate bank account. The money will be transferred directly to their prepaid credit card.
The prepaid credit card will be issued under the name of the merchant and delivered with the Chip & PIN card reader. The owner may use it to make purchases and withdraw money at a Visa Plus ATM.
“The payleven Visa prepaid card increases the market for our mPOS solution and offers a large number of entrepreneurs access to electronic payments for the first time,” explains Konstantin Wolff, Managing Director and Co-founder of payleven.
“By enabling non-banked merchants to accept card payments, this solution opens the door to financially include many professionals who previously could only receive cash payments, contributing to an expansion of their business,” adds Renato Rocha, Director of Merchant Sales & Solutions Brazil of Visa.
According to a research by Data Popular Institute, in 2013, 39.5% of Brazilians aged 18 or older – which corresponds to approximately 55 million of Brazil’s population – do not have a bank account.
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