16/06/09 -
MasterCard partners with Ukash to launch MasterCard® rePower™ in Europe
[74201]
Ukash is to partner with MasterCard and facilitate the launch of
its pioneering MasterCard® rePowerTM service in
Europe - part of its strategic initiative to allow consumers to
load cash onto their MasterCard and Maestro prepaid cards at
Point-of-Sale (POS) locations.
Ukash, which is based in the UK and is regulated by the
Financial Services Authority (FSA), is partnering with MasterCard
to enable rapid scale delivery of MasterCard rePower across Europe.
Ukash has an existing global network of 275,000 issuing points and
its track record within the alternative payments industry is second
to none; Ukash currently processes several million transactions
annually with values in excess of €100m.
To load money using MasterCard rePower, consumers simply swipe
their card and in exchange for cash, their card is loaded with
funds. Ukash will enable this service to be delivered across the UK
initially and then across Europe via partners within its issuing
estate. The value of the transaction is immediately available for
the consumer to spend anywhere that accepts MasterCard.
The benefits to the consumer include:
• A real-time process, providing immediate access to
funds
• More reload locations
• Trust and security of the MasterCard brand
• Safer than carrying cash
Mark Chirnside, chief executive officer Ukash, explains,
"Partnering with MasterCard for the launch of Mastercard rePower is
a very significant step for Ukash. It is one of several markers
that Ukash is now a major player in the global prepaid industry,
with our rate of growth in volume and geography both moving at
significant pace. It also demonstrates the growing popularity of
prepaid products as a viable alternative for consumers. This is
symptomatic of a shift in consumer behaviour as more of the public
look to find safe and secure ways to shop online while maintaining
control of their spending. Increasingly, they are turning to Ukash
to provide the answers. For partners like MasterCard, our patented,
regulated and proven technology is proving an attractive
proposition for joint projects, which is a testament to our work
and market position within the alternative payments industry."
In addition, Ukash is working with prepaid partners to offer
voucher-based reloads as a value added, complementary service to
its customers, which will provide users with a greater level of
choice and flexibility when loading prepaid cards.
In September 2008 Ukash received significant additional funding
from South African giant Blue Label Telecoms, which is part-owned
by Microsoft, which acted as a catalyst in the company's
international expansion. Ukash has signed major deals with
international partners which has seen the company treble in size
over the last 12 months and by 2010 it will be issuing Ukash
vouchers across all five continents, and the company is currently
pursuing a number of other strategic prepaid projects to enable the
cash consumer to shop online anywhere in the world.
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