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SelectCore reports 61% growth in new Iridium MasterCard cardholders

Published: 14:15 19 May 2011 BST

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SelectCore (CVE:SCG) reported Thursday that the launch of its prepaid credit card product, Iridium MasterCard, has been successful, showing a 61% sequential increase in new cardholders in the first quarter.

The company said much of this increase can be attributed to the consumer adoption of electronic payment.
"It's all about converting cash to electronic currency," CEO Keith McKenzie said.

During the first quarter, SelectCore also posted a 36% increase in total value load-ups over the previous quarter. The company also said that new card sales per retail location were up an average of 14% month-over-month.

The Canadian company, whose prepaid telecommunications and financial products are geared toward the credit challenged and the unbanked consumer, plans to expand its Iridium MasterCard to the U.S. market in the third quarter.

The prepaid card, which requires no credit check or bank account and can be re-loaded repeatedly with up to a $5,000 balance, is currently available in Canada.

The Iridium MasterCard is uniquely positioned to break into the American markets, namely for its proprietary point-of-sale technology, allowing it to capitlalize on independent retail channels, a market that other prepaid cards tend to neglect.

The global prepaid market is expected to expand to $840 billion by 2017, with North American markets growing to an estimated $442 billion.

"Consumer awareness and adoption, combined with the global paradigm shift to electronic forms of payment is what's driving the tremendous growth in our industry," McKenzie added.

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