E -Payment launches Virtual Money cards

Authorised independent agent of the global integrated electronic payment solutions in the country, E-Payment Solutions Limited, has officially launched its Virtual Money Cards into the nation’s market to further reduce the risk of carrying cash .

Managing Director, E-Payment Solutions Limited, Mr. Jude Ememe, said his firm as a principally authorised agent of Dallas-based Virtual Money Incorporated is strategically in partnership with the firm for marketing and promotion of this payment solution in the country and African continent.

The objectives of the company, he said, is to promote and popularise the use of e-money, create electronic payment solutions that would enhance and facilitate money transfers and reduce cash carrying habits of most Nigerians.

“The risk of cash carrying is enormous,” he declared, recalling the N10 million cash that was recovered at the crash site of Sosoliso Airline about two years ago.

The launch, he said, is very apt now that the Christmas is around the corner and movement of people to different locations is expected to increase.

“Cash portage from one location to another will be on the increase too,” he asserted, adding that based on this fact, the incidence of robberies would equally increase because of prevalent of cash carrying culture.

He attributed the high rate of attack on travellers to the suspension that they always carry huge sums of cash.

“If the Nigerian public is operating a cashless environment and the robbers know that their effort would not yield cash, we believe that the high incidence of robberies would greatly reduce,” he said.

He explained that potential Virtual Money card users do not need to maintain any bank account, saying that the card is a private-branded global Automated Teller Machine (ATM) product that could be used at any ATM and Internet worldwide.

“It’s a loadable debit card that enables an instantaneous card to card transfer funds to any two points in the world and it’s a fully effective electronic commerce (e-commerce) tool. Its also an electronic purse,” he informed.

Mr. Ememe who was accompanied by three other directors of the company, namely Messrs Andy Igboekwe, Victor Ibeh and Andrian Oche, said that the Virtual Money card cost $50 (about N6,000) while each loading attracts the sum of $15, about N2,000 and above.

He equally listed some of the features of Virtual Money card to include being loadable ATM debit card, card-to-card funds transfer, payroll cheque replacement, online transfer, card to cheque to name a few.

As said by him, the benefits of using Virtual Money card, encompass the ability to be safer than cash and comes with low cost, fast way to get money to family and friends on time, fast exchange of money and reloadable at anytime with ability to track

usage, real time record keeping among others.

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