MasterCard debuts European prepaid card service
A new service called MasterCard rePower that lets users transform cash into electronic money on a prepaid account has launched in Europe.
Developed by MasterCard together with CQR Payments Group, the cash reload service is designed to help users top-up their prepaid cards using vouchers that are redeemed on the MasterCard repower website. The funds are immediately available to the cardholder to spend wherever MasterCard or Maestro cards are accepted.
CQR Payment Group will provide the acquiring, processing and customer services as well as a dedicated MasterCard redemption website. Vincento, part of CQR Payment Group, is the first issuer enrolled for the MasterCard repower service. CQR’s Kalixa prepaid card is the first prepaid programme that can loaded in the UK on the service.
“Cash is costly, inconvenient and insecure for consumers, businesses and the wider economy,” said Ed Chandler, chief executive of CQR Payment Group. “MasterCard repower is an enormous step towards creating a cashless society that is smarter, simpler and more secure for everyone.”