News

Cyphermint partners with PayStar to provide prepaid Visa debit services

December 8, 2004

MARLBOROUGH, Mass. - A strategic alliance of Cyphermint, Inc. and PayStar Corporation will supply Worldwide Communications Group, Inc.'s (WWCG) underserved, low-income, Government Section 8 (SEC8) housing recipients with Cyphermint's PayCash Now Visa Debit Card, according to a news release.

The PayCash Now Visa Debit Card, issued by BankFirst, will serve as the vehicle to deliver the nationwide ATM debit card services for the program called the Community Technology Network Project (CTNP). WWCG developed the CTNP stored value card program. PayStar will offer the ATM debit card program to approximately 16 million existing SEC8 families.

The CTNP Project provides a convenient venue for participants to access the Internet and several discounted medical programs for underserved families. The CTNP ATM Card will provide the participants who may not qualify for credit or checking accounts, a flexible and secure cashless payment option. Additionally, recipients of the program will be able to render payment for rent, utilities and pay for discounted program benefits without the use of a major credit card, a checking account or actual cash.

The CTNP Card Program will generate a significant number of new PayCash users and may potentially equate to 200,000 or more new PayCash customers for Cyphermint in 2005.

"Cyphermint is pleased to help emerging and underserved consumers gain financial independence through the use of our PayCash prepaid Visa card," stated Joe Barboza, president and CEO of Cyphermint. "We are pleased to participate in this opportunity and are excited to be a part of the CTNP Project with PayStar."