Bullish Trend to Continue in 2013 Says a Confident SelectCore

By Mini Swamy

TMCnet Contributor

 

SelectCore Ltd., touted to be a pioneer in prepaid payment solutions for underserved markets, claims to have had a robust 2012, and hopes its strategic initiatives will succeed in making 2013 an even more exciting period of growth.

 

'2013 will be a year for continued growth and a renewed focus on increasing the Company's share price and driving long-term shareholder value,' commented Keith McKenzie, CEO at SelectCore.

 

In a corporate update, it cited several milestones it reached during 2012, making specific mention of the successful launch and rollout of phase one of the 'City of Toronto City Services Benefits Card' for the disbursement of Ontario Works social assistance.

 

It is reportedly the only provider in North America to have implemented a prepaid EMV chip and PIN instant issue card program and claims to have the first-mover advantage in this rapidly growing industry.

 

The company has stuck to its commitment of developing new products using new technology and has consistently been in the forefront of rolling out mobile, remittance and cash reload applications.

 

SelectCore's products and services ensure that all consumers, regardless of their financial situation, have fast, flexible, reliable, and safe access to the funds they need, when they need them.

 

To this end, it continues to establish key partnerships and is working closely with major industry players to strengthen its market position, financially empowering millions of under-banked consumers.

 

Keeping pace with the growing demand for prepaid card and check replacement solutions, SelectCore is also helping government agencies that are looking for cost-effective delivery of benefits and funds disbursement.

 

'We are bullish on our current opportunities and prospects as an emerging leader in the global prepaid space," added McKenzie.

 

Seeking to enter the Latin America and Caribbean markets, the company is pursuing opportunities to promote its prepaid payment cards. Given the addressable market for open-loop prepaid card spending in these regions is expected to rise to $81 billion in 2017, SelectCore appears to have a winner on its hands as the prepaid market is still to take off in a big way.

 

Government agencies, corporations and consumers are being requested to adopt electronic forms of payment, consequent on the recommendations of the task force to reduce the use of checks by 80 percent. And, in keeping with the trend, SelectCore appears to be well positioned to cater to the market demand that is likely to arise consequent on the implementation of such recommendations.

 

SelectCore has been ranked among Canada's fastest growing companies by Profit Magazine four times in the past six years and also figured in the 2011 Deloitte (News - Alert) Technology Fast 500 list of North America's fastest-growing technology companies.