Jan 24, 2012 – Today, O2 Secure Wireless (Pink Sheets: OTOW) released that it will be making available February 1st, a prepaid debit MasterCard designed to serve the growing underbanked and unbanked populations throughout the world. With the rise in unemployment and economic strain across the globe, a larger percentage of the population is turning to prepaid products like the O2USA Prepaid Master Card as a financial tool instead of traditional banking relationships.
According to O2 Secure Wireless, the O2USA prepaid MasterCard will not function like typical MasterCard credit cards by guaranteeing approval for anyone over the age of 18, even if they do not possess a bank account or have challenged credit. O2USA Prepaid MasterCard’s fee structure is also touted by the company to be competitive with other prepaid products, particularly the Walmart MoneyCard.
Val Kazia, CEO, O2 Secure Wireless was quoted:
“We expect this action to expand the Company, and will not only enable our existing/future clients to take advantage of a distinctly convenient payment method, but we anticipate that executing the opportunity to target such a large and growing part of the population, with financial options not commonly available, will position the Company to generate significantly increased levels of profitably. Considering this market expects to exceed $150 billion in 2012, we believe the results will be a very big advancement for the company.”
O2USA joins an ever expanding universe of prepaid cards to recently hit the market including Suze Orman’s, Approved Card. With an estimated 90 million Americans and over 2 billion people internationally considered to be under banked, it becomes obvious as to why the playing field is getting more and more crowded. With more players competing in the prepaid arena, customers should see more innovations and lower fees coming down the turnpike.