FSV launches payroll debit card through Coinstar

HOUSTON--Financial Stored Value Payment Systems Ltd. (FSV) will partner with Coinstar Inc. to make available the first nationwide network of employee self-service kiosks linked to payroll debit cards. The program will be introduced in the third quarter of 2003.

The service will use 10,000 existing Coinstar Center kiosks located in U.S. supermarkets. Employees paid directly on a payroll debit card will be able to check their balances and print an ePayStub wage statement from the Coinstar Center. FSV will offer a payroll cash voucher at participating supermarkets that an employee can redeem at the grocer for cash.

"Payroll Debit Cards have recently become popular among major employers because they eliminate paper checks, creating significant cost savings," said Eric Miller, chief executive officer of FSV. "The ePayStub print solution enhances these savings further by allowing them to also eliminate the wage statement and go completely paperless," Miller said.

A recent American Payroll Association survey found the top reasons employers would choose to implement a payroll debit card program include cost reduction and benefits provided to employees. The survey indicates industries most likely to adopt this technology include manufacturing, retail, supermarket, fast food, restaurant and hospitality.