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Usio Announces The Mayor's Fund to Advance New York City Selects Co.'s Prepaid Card-Issuing Platform To Distribute Relief Funds

SAN ANTONIO, Aug. 25, 2020 (GLOBE NEWSWIRE) -- Usio, Inc. (NASDAQ:USIO), an integrated electronic payment solutions provider, today announced that the Mayor's Fund to Advance New York City chose its proprietary

Benzinga · 08/25/2020 13:02

SAN ANTONIO, Aug. 25, 2020 (GLOBE NEWSWIRE) -- Usio, Inc. (NASDAQ:USIO), an integrated electronic payment solutions provider, today announced that the Mayor's Fund to Advance New York City chose its proprietary prepaid card-issuing platform to distribute relief funds to those in need as a result of the COVID-19 pandemic.

The Mayor's Fund to Advance New York City is the latest in a growing list of governmental and non-profit organizations that have chosen Usio's prepaid card platform as the means to distribute much needed funds to affected individuals, families, and businesses in the greater New York City area.

"We are humbled that so many governmental and charitable organizations are confident our platform provides a valuable and effective way for them to get much needed financial relief into the hands of those who have felt, first hand, the economic impact of the COVID-19 pandemic," said Houston Frost, Senior Vice President, Prepaid Products, of Usio. "Usio's card issuing solution provided The Mayor's Fund to Advance New York City with an intuitive and cost-effective way to get money into the hands of recipients quickly via a virtual or physical card that can be easily reloaded. Usio is proud to partner with The Mayor's Fund to Advance New York City in this very worthy cause."

The Mayor's Fund to Advance New York City, a 501(c)(3) not-for-profit organization, works with 50 city agencies and offices, 300 institutional funders and 100 community-based partners to improve the lives of New Yorkers across all five boroughs. The Fund, which has already disbursed allocated funds with assistance from the NYC Mayor's Office of Immigrant Affairs, provides monetary assistance to those who are experiencing financial hardship due to the COVID-19 pandemic. The monetary assistance was in the form of a prepaid gift card managed by Usio.

"As we continue living through and recovering fromthe COVID-19 pandemic, many New Yorkers are still without apaycheck. For members of our most vulnerable communities, food and shelter for themselves and their families is not a guarantee," said Toya Williford, Executive Director of the Mayor's Fund to Advance New York City. "The Mayor's Fund is proud to have partnered withAkimbo to ensure New Yorkers in need receive vitalfinancial support quickly and easily."

Usio's prepaid card-issuing platform, Akimbo, offers several key features useful for any community organization looking to provide financial relief:

  • The cards provide cash access. The cards can be used everywhere, including ATMs and retail outlets.
     
  • The cards can be reloaded, up to a maximum balance of $2,500 at any given time. Organizations can continue their support by adding funds as needed.
     
  • The cards can have merchant category code (MCC) restrictions, allowing purchases to be limited to specific merchant types based on each individual partner needs and/or requests.
     
  • The cards can be sent virtually via text or email. These days, each day can make a difference. Recipients can immediately collect and use a virtual card online. The virtual card can also be added to Apple Pay®, Samsung Pay™ or Google Pay™.

"Organizations are trying to reach individuals who need assistance immediately. Additionally, the organizations may not have a way of collecting bank account information or do not like the idea of issuing paper checks that have a chance of getting lost in the mail, sent to the wrong address, or returned," concluded Frost. "Our prepaid cards streamline the disbursement of funds for the organizations we serve and provide the recipient with simple and time effective means to access the money received."