MPOWER Ventures On Track To Bank 5 Million In 5-Year Pledge To Clinton Global Initiative, Announces Solution For Cash-Only Merchants

Pledge Partners Rêv Worldwide and MPOWER Mobile Announce COIN Mobile Card Reader to Enable Cash-Only Merchants in Underserved Markets to Accelerate Financial Inclusion at the Point of Sale

AUSTIN, TX and NEW YORK, NY, Sept. 22, 2010 – MPOWER Ventures reported today it surpassed the year two milestone for its 2008 commitment to the Clinton Global Initiative (CGI) and is on track to achieve its goal to deliver financial services to 5 million underserved consumers in five years. Progress toward that commitment is the subject of a short video playing at the 2010 Annual Meeting during the Human Potential Plenary Session on Wednesday, September 22 at 2:00 p.m. EDT.

Since making the commitment in 2008, MPOWER Ventures and its portfolio companies Rêv Worldwide and MPOWER Mobile have established a global presence and are powering integrated prepaid card and mobile payments programs in markets around the world, including Australia, India, Kosovo, Mexico, Romania and the United States.

In year three of the commitment, the partners plan to accelerate their progress by addressing the lack of affordable options available to merchants in underserved markets for accepting cash alternatives at the point of sale.

“Around the world, millions of merchants conduct billions in sales almost exclusively in cash because it has been the only convenient, universally accepted payment form of payment they can afford to accept,” said Roy Sosa, co-founder of MPOWER Ventures. “If we’re serious about broadening access to financial services in underserved markets, that has to change. Solving this challenge will be our priority for accelerating progress toward our commitment.”

The partners have developed a mobile card reader named Rêv COIN. The COIN device, powered by MPOWER Mobile’s YAP Accept, enables cash-only merchants in young and mature markets alike to convert basic and advanced mobile handset models into an affordable point-of-sale terminal equipped to accept and process card-based payments through existing payment networks. By offering an affordable global solution that works with technology most of the world’s merchants already have – the mobile phone – COIN lowers barriers to payment network participation for cash-only merchants in markets that have fallen behind.

“The cost of traditional POS terminals isn’t just a barrier to the growth of businesses that remain bound to cash; it also hinders the expansion of card acceptance networks, slows consumer adoption of new ways to pay and ultimately delays the arrival of mainstream financial services,” said Sosa. “We are committed to making it as affordable for merchants to accept cash alternatives as it is to accept cash.”

To learn more about how MPOWER Ventures is delivering financial services to underserved consumers and its progress to date, visit http://live.clintonglobalinitiative.org to watch the progress video on Wednesday, September 22 at 2:00 p.m. EDT.