Underlining its increasing strength in the prepaid card market, Raphaels Bank Card Services has secured a significant contract with The Post Office to issue a new prepaid MasterCard - the Post Office Money Card.
The card, launched in July 2014, targets both existing Post Office customers and new prospects through a major marketing campaign.
Providing an alternative to the traditional bank account associated debit and credit cards, the Post Office Money Card has been designed to help consumers budget effectively as only the amount loaded to the card by the customer can be spent. The card is designed for usage within UK to pay for goods and services both online or on the high street and to withdraw cash from ATMs, wherever the MasterCard logo is displayed.
Raphaels Bank will issue two types of cards: Post Office Money Card Pay As You Go and Pay Monthly which can be topped up in over 11,500 branches, Post Office mobile vans which visit over 250 rural locations in the UK, and via website, call centre and SMS, once the customer's details are registered via www.postoffice.co.uk/moneycard. The maximum load at any one time is £500 free of charge however, customers have the opportunity to increase their annual spending limit up to £20,000 once registered.
Andrew Downes, Head of Card Services at Raphaels Bank said: "The launch of the Post Office Money Card is another significant step in the growth of prepaid cards in the UK. We are delighted to play an important role in the success of this innovative product and to work with such a well-known brand to bring the proposition to market and provide real benefits to the 17 m customers served by the Post Office per week."
Alan Smith, Head of Payments & Banking Services at the Post Office, said: "This is part of the Post Office's ambition to drive growth in its financial service business as well as challenging the market by offering customers a real alternative to other providers. Raphaels Bank, as a trusted prepaid card manager and issuer for a number of major consumer brands was the natural choice as the partner for the launch of the Money Card. Their experience and expertise in the prepaepaid card market will help ensure we can deliver on our ambitions."