Usio’s Innovative Prepaid Card Solutions Chosen by Oakland DOT to Power Payments for its Universal Basic Mobility Pilot
Illustrates Usio’s Continued Leadership in the Growing Use of Creative Guaranteed Income Programs
SAN ANTONIO, Texas, Jan. 19, 2022 (GLOBE NEWSWIRE) — Usio, Inc. (Nasdaq: USIO), an integrated electronic payment solutions provider, today announced that the City of Oakland Department of Transportation (California) has chosen the Company’s proprietary prepaid card technology as the payment solution for its groundbreaking Universal Basic Mobility Pilot.
Louis Hoch, President and Chief Executive Officer of Usio, said, “As the acknowledged leader in electronic payments solutions for guaranteed income programs, we are pleased to have developed innovative technology that will help the Oakland DOT make access to their transportation network more affordable to those in need. Like the numerous other guaranteed income programs we support around the country for governmental entities both large and small, we developed a customized payment solution for Oakland DOT that provides a contemporary payment technology that is responsive to both their needs as well as those of their constituents. I want to thank the Oakland DOT for their confidence in Usio, and we look forward to supporting this very worthy program.”
“Usio provided us with a product that aids our efforts to increase public transit, bikeshare, and e-scooter in Oakland trips using grant funds,” said Quinn Wallace, Parking & Mobility Division, City of Oakland, Department of Transportation. “As our work progresses, Usio continues to be highly responsive and understanding of both our project needs and regulatory context as a public entity, including our privacy policies.”
Under this pilot program, citizens living or working in East Oakland can apply to receive up to $300 that can be used only for transit and shared mobility on a prepaid debit card. Up to 500 participants have been randomly selected from qualified applicants. More on this and similar programs across the United States can be found at: https://www.bloomberg.com/news/articles/2021-11-11/u-s-cities-test-effects-of-universal-basic-mobility?sref=81ZfsQPj
Houston Frost, Senior Vice President-Prepaid Services, added, “For many people, the lack of access to affordable transportation is a barrier to workforce participation. The Oakland Department of Transportation’s Universal Basic Mobility Pilot innovative program attempts to solve that problem. This is another example of how our proprietary prepaid technology simplifies and helps facilitate the implementation of various forms of guaranteed income programs. Usio’s solutions allow for the efficient disbursement of funds, the ability to control how those funds can be used and provides the managers of the program with actionable insight. As guaranteed income programs gain increasing acceptance across the country, Usio will be there with customized solutions that can help these organizations better serve their constituents.”
About Usio, Inc.
Usio, Inc. (Nasdaq: USIO), a leading FinTech integrated payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, crypto exchanges and card issuers. The Company operates credit, debit/prepaid, and ACH payment processing platforms to deliver convenient, world-class payment solutions and services to its clients. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the prepaid sector. Usio is headquartered in San Antonio, Texas, and has offices in Austin, Texas and Franklin, Tennessee, just outside of Nashville.
Websites: www.usio.com, www.payfacinabox.com, www.akimbocard.com and www.usiooutput.com. Find us on Facebook® and Twitter
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Except for the historical information contained herein, the matters discussed in this release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management’s intent, belief, and expectations, such as statements concerning our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as “believe,” “intend,” “look forward,” “anticipate,” “continue,” and “expect” among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company’s business that could cause actual results to vary, including such risks related to an economic downturn as a result of the COVID-19 pandemic, the realization of opportunities from the IMS acquisition, the management of the Company’s growth, the loss of key resellers, the relationships with the Automated Clearinghouse network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the volatility of the stock price, the need to obtain additional financing, risks associated with new legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2020. One or more of these factors have affected, and in the future, could affect the Company’s businesses and financial results in the future and could cause actual results to differ materially from plans and projections. The Company believes that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to management. The Company assumes no obligation to update any forward-looking statements, except as required by law.
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