Visa, Blackhawk Network Partner On Visa ReadyLink Prepaid Load Network

The Visa ReadyLink service allows consumers to more easily add funds to eligible Visa reloadable prepaid cards at participating retail locations. The service also enables Visa and its member financial institutions to further meet the needs of “underserved” consumers. According to Visa estimates, there are approximately 80 million underserved consumers in the U.S. – those who lack access to a payment card or are without a traditional banking relationship. This consumer segment receives approximately $1 trillion in annual income and relies heavily on cash for everyday transactions.

The introduction of the service to Safeway stores allows consumers to add funds to Visa reloadable prepaid cards at more than 1,550 retail locations nationwide including participating Safeway, Carrs, Dominick’s, Genuardi’s, Pak ’n Save, Pavilions, Randalls, Vons, and Tom Thumb stores.

Visa ReadyLink adds a significant enhancement to the VisaNet infrastructure, utilizing VisaNet’s scale and reliability, along with standardized settlement processes and timing. Implementation of the service will help to support continued adoption of prepaid products.

“Visa is committed to developing a prepaid category infrastructure that provides value to consumers while enabling merchant partners and member financial institutions to maximize the potential of prepaid products,” said Todd Brockman, senior vice president, prepaid products, Visa USA. “Partnering with Blackhawk Network and Fifth Third will enable consumers to add funds to their Visa reloadable prepaid cards at convenient shopping locations like Safeway, expanding the ReadyLink service to reach consumers nationwide.”

“Visa-branded prepaid cards are now one of the fastest growing categories in our alliance partner locations,” said Don Kingsborough, President and Chief Executive Officer, Blackhawk Network. “The new capability to load funds to all participating Visa reloadable prepaid cards in Blackhawk Network alliance stores will make these products even more relevant to our customers’ daily life.”

While direct deposit is the primary method many cardholders use to fund Visa reloadable prepaid cards, Visa research shows consumers also want the flexibility to add funds to their cards at everyday shopping locations, like supermarkets and drug stores.

“We see a great opportunity to bring the Visa ReadyLink solution to our merchant partners,” said Donald Boeding, Fifth Third Processing Solutions senior vice president and general manager of Merchant Services. “Fifth Third Merchants will benefit from delivering a valuable new service to consumers.”

Cardholders can begin adding funds to participating Visa reloadable prepaid cards at Safeway stores in mid-December 2006.