IMVU Pre-Paid Virtual Currency Cards Now at Rite Aid Stores
Partnership with InComm extends IMVU virtual currency to more than 4,900 Rite Aid Stores in 31 states nationwide
PALO ALTO, Calif., June 23, 2009 -- Increasingly, more people are logging on to social networks and virtual worlds to meet new people, entertain themselves and participate in a growing online economy using virtual currency or credits. IMVU, an avatar based social network and virtual world, today announced an expansion of its partnership with InComm to offer prepaid virtual currency cards at more than 4,900 Rite Aid Stores in 31 states nationwide. InComm is the industry leading marketer, distributor and technology innovator of stored-value gift and pre-paid products. Through InComm, IMVU prepaid virtual currency cards are now being offered in more than 14,000 retail locations across several major retailers.
"Giving our members the ability to purchase IMVU credits in the offline world has benefited IMVU, and our partnership with InComm provides us with access to some of the most highly trafficked retailers in the nation," said Kevin Dasch, Vice President of Finance and Business Development for IMVU. "The cards themselves make it easier for people without credit cards or PayPal accounts to gain access to IMVU credits and improve their experience with our product while driving incremental revenue for us."
"Our stats show that about 99% of IMVU virtual credit prepaid card purchases are redeemed within 24 hours, which is rare in the prepaid card world and demonstrates a high amount of user engagement with the IMVU platform," said Brian Parlotto, InComm's Senior Vice President of Consumer Products and International. "Prepaid cards are a win-win for the retailer and IMVU. They take up very little retail space so the cost to carry these cards is low and the margins are high."
IMVU prepaid virtual currency cards are available immediately in Rite Aid Stores and can be purchased in $25 denominations. IMVU credits can be used for purchases from IMVU's digital goods catalog of more than 2 million items. For more information on IMVU, the company's virtual currency system and digital goods catalog visit http://www.imvu.com
Founded in 2004, IMVU Inc. (www.imvu.com) is an avatar-based social network and virtual world where people meet and interact in 3D. IMVU was named to the OnHollywood 100 List in 2009, won the 2008 Virtual Worlds Innovation Award and was also named a Rising Star in the 2008 Silicon Valley Technology Fast 50 program. The company has already reached major milestones, including 35 million registered users, 100,000 registered developers and over $1.5 million in revenue each month. Members of IMVU have fun meeting new people with similar interests and expressing themselves through personalizing their 3D avatars, digital rooms, music and home pages. IMVU offers the world's largest digital goods catalog with over 2 million items. Over 90 percent of IMVU's revenue is from the direct sale of virtual credits, used to purchase digital products. IMVU is backed by top venture investors Best Buy Capital, Menlo Ventures, Allegis Capital and Bridgescale Partners and is located in Palo Alto, CA.
InComm is the industry leading marketer, distributor and technology innovator of stored-value gift and prepaid products using its state-of-the-art point-of-sale transaction technology and payment solutions to revolutionize retail product sales and customer experiences. With nearly $8 billion in retail sales transactions processed in 2008, InComm is the nation's largest provider of gift cards, prepaid wireless products, reloadable debit cards, digital music downloads, content, games, software and bill payment solutions. InComm partners with consumer brand leaders around the world to provide more than 145,000 retail locations the products and services their customers demand. Since 1992, InComm's patented technologies have made the buying process easier for consumers while streamlining the selling process for product and retail partners. To learn more about InComm, visit www.incomm.com or call 1.800.352.3084. InComm is headquartered in Atlanta, GA with offices in Japan, Canada, the United Kingdom, Puerto Rico, Colorado, Texas, Florida, New Jersey, Oregon, Arkansas, Alabama and Minnesota.
About Rite Aid
Rite Aid Corporation is one of the nation's leading drugstore chains with nearly 4,900 stores in 31 states and the District of Columbia with fiscal 2009 annual sales of more than $26.3 billion. Information about Rite Aid, including corporate background and press releases, is available through the company's website at www.riteaid.com.