31 August 2014

MasterCard launches rePower cash-to-emoney service in the UK

07 December 2012  |  7106 views  |  1 Woman shopping with credit card

MasterCard has launched its rePower service, which lets people convert their cash into electronic money on a pre-paid account, in the UK.

Brits with eligible MasterCard or Maestro pre-paid cards can convert cash in thousands of stores into Ukash vouchers. The code on the voucher is then entered at a dedicated rePower Web site and the money added to the card, available to spend wherever MasterCard is accepted.

The service will be rolled out in other European countries in the coming months. In some cases the voucher model will be used but in other places customers will simply insert their card at the point-of-sale to add the cash.

MasterCard has partnered with CQR Payment Group to provide acquiring, processing and customer services. CQR unit Vincento is the first issuer enrolled while the firm's Kalixa pre-paid card is the first that can be loaded in the UK via rePower.

Matt Lanford, head, pre-paid, MasterCard Europe, says: "By enabling cash electronification to take place at a far wider range of merchants or online, MasterCard is creating a series of environments where pre-paid can be disruptive to the normal flow of cash in our society and where those people bound to cash can take advantage of the security, convenience and control offered by pre-paid."
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Comments: (1)

John Candido - Black Cabs - Melbourne | 10 December, 2012, 07:53

It looks like rePower can sort of replace having to go to
your bank in order to deposit your cash.  It is a handy development that could potentially make local stores a way of dispensing your cash in a secure manner.  It would be fantastic if you could also transfer your funds from a rePower account, to any other bank account, via mobile or computer.        

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