SelectCore (CVE:SCG) announced Friday its patent-pending technology that is designed to allow any retail location to use the company's ReCash network, which allows consumers to load and reload cash onto their prepaid credit cards, through a point-of-sale terminal.
The new patent-pending technology will allow any merchant to become a ReCash agent, as it requires no new hardware, no integration or capital investment from the merchant, and can be processed with existing point-of-sale devices through traditional debit transactions.
The provider of prepaid telecom and financial services said merchants are expected to benefit from the technology by increased traffic and a new, high-margin revenue stream.
"With the significant influx of prepaid card users across North America, the shift to a cashless society is becoming more and more evident," said CEO Keith McKenzie.
"Consumers want to shop online, pay for gas at the pump, book travel, and soon 'fund their mobile wallets'."
SelectCore said it hopes to monetize this technology through organic expansion and global licensing arrangements.
News of the company's expansion prompted its shares on the TSX Venture Exchange to hike 10% to $0.66 per share.
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