LOS ANGELES, Oct. 5, 2011 (GLOBE NEWSWIRE) -- MediSwipe Inc. (http://www.MediSwipe.com) (OTCBB:MWIP), a merchant payment solutions and financial products company for the medical health care industry and its wholly owned subsidiary 800 Commerce Inc. (www.globenewswire.com/newsroom/ctr%3Fd=232424%26l=1%26a=www.800Commerce.com%26u=http%253A%252F%252Fwww.800Commerce.com" target="_top" rel="nofollow">www.800Commerce.com), a leading enabler and turnkey e-commerce solution provider including mobile stored value and loyalty solutions, today announced a Joint Venture Agreement with Ohio based SparkBase Inc. SparkBase, and their new Paycloud mobile wallet application, was recently featured in the Wall Street Journal, Fast Company and TechCrunch.com as one of the largest processors of traditional private label gift and loyalty card programs to the financial and merchant services industries.
MediSwipe will launch a branded, closed-loop network that will allow patients and affiliated merchants to use the stored value and loyalty cards within the network for payments of medicine, other goods and services, prepaid insurance options, and receive reward/bonus points for their transactions.
A separate network will be created under the 800 Commerce brand for e-commerce transactions and bricks and mortar merchants with the 800 Commerce Network allowing customers to complete transactions using a physically branded card or the Paycloud mobile wallet application that enables stored value transactions.
"We felt it was necessary to delay the filing of our S-1 for a few days so that this new agreement with SparkBase could be included in the public filings for the spin-off transaction. As always, it is our mission and strategic plan to bring added value to our company within vertical industries, keeping us on the cutting edge of the financial payments sector while consistently adding additional revenue opportunities," stated Michael Friedman, CEO for MediSwipe Inc.
"We are extremely excited about the new opportunities to digitize the loyalty card space with SparkBase and Paycloud as our partners. Punchd, which was just acquired by Google, lets customers accrue digital versions of buy-10-get-1-free cards. PlacePop also offers a similar application. Now SparkBase, as one of the largest processors of traditional private label gift and loyalty card programs to the financial and merchant services industries, is giving us the opportunity to compete as a partner with the launch of its mobile wallet that enables both stored value and loyalty cards," added Friedman.
Doug Hardman, CEO of SparkBase, commented, "We're thrilled with MediSwipe's eagerness to embrace the Paycloud application. They want to offer a mobile solution to their merchants but recognize that NFC technology likely won't be commonplace for several years. But Paycloud lets them eliminate their plastic cards right now while offering marketing tools to strengthen their relationships with their merchants and deliver demonstrable value today."
Paycloud eliminates loyalty cards, allowing customers the option of waving a smart phone at a participating merchant's countertop sensor to check in, redeem rewards and coupons, and track their loyalty account status. Launched initially at 20 Chicago area merchants, Paycloud is available for free on both the iPhone App Store and the Android Marketplace. SparkBase has integrated Zoosh, a NFC technology that doesn't integrate a chip, into Paycloud. Any terminals or POS system that currently integrates with SparkBase's processing network will be able to accept Zoosh-enabled transmissions by plugging in a sensor that retails for under $50.
About MediSwipe Inc.
MediSwipe Inc. (www.MediSwipe.com) offers a full spectrum of secure and reliable transaction processing and security solutions for the medical and healthcare industries, using traditional, Internet Point-of-Sale (POS), e-commerce and mobile (wireless) payment solutions. The Company now also offers digitized personal health records in conjunction with Industry Alliance Partners. MediSwipe offers reliable merchant payment solutions and closed loop pre-paid stored value and loyalty cards as a unique cash alternative to these regulated and e-commerce businesses specializing within the healthcare sector.
FORWARD-LOOKING DISCLAIMER
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