Contis Group, one of Europe's leading e-money institutions, has been selected to power MoneyMona's eCurrent account, Visa prepaid debit card and rewards programme, which delivers basic financial services to the UK's unbanked population, regardless of financial status and credit history.
By utilising Contis' end-to-end service capabilities and next generation Visa e-money platform, MoneyMona's digital current account and debit card promotes effective money management by allowing users to transfer essential funds into digital 'envelopes', helping unbanked account holders to control the family budget and put money aside for regular bills. Additionally, cardholders can generate cash back through purchases made in-store and online at a range of popular retailers. Multiple companion cards can also be obtained, enabling the facility to be used as a flexible and convenient joint account.
"Products like ours provide essential support to the 3.7 million people in the UK that don't have access to, or simply don't want, a traditional bank account," comments Roy Welch, Managing Director of MoneyMona. "Our solution enables anyone that is outside the traditional banking system to set up standing orders, make secure payments and manage their money online quickly and conveniently, regardless of their financial status and credit history."
"MoneyMona is a great option for those working on a budget. Our solution is up to 300% cheaper than some of its closest competitors and offers a wealth of useful features," adds Welch. "Many students and young people are finding that their traditional bank limits the functionality of their current account so that the bank can make administrative savings. We believe that rich account functionality should be available to all, regardless of their income. Day to day financial services should be fast, convenient and transparent. Our solution does not require cardholders to trawl through endless small print and undergo endless background checks. MoneyMona is free from surprises and open to everyone."
"Contis is fast becoming the de-facto partner of choice for unbanked prepaid issuers like MoneyMona," comments Mike Fromant, Managing Director Contis Group. "MoneyMona selected Contis because the scalability and fllexibility of our e-money and rewards platform enables it to develop the offering in line with the changing demands of its customers. As a Principal Member of Visa, Contis can offer a much wider range of services than most e-money institutions. MoneyMona has recognised these benefits and we look forward to a long and successful partnership."
MoneyMona joins a long list of high profile brands served by the Contis Group, including Ffrees, Virgin, Pizza Express, airBaltic and Empire Cinemas. As a result of these wins, together with the growing popularity of its own credEcard product, the Contis Group has expanded its annualised monthly recurring revenue at a compound annual growth rate of 202% between June 2012 and March 2014. The total number of accounts operating on Contis' platform has increased by 385% between June 2013 and March 2014, and the number of monthly prepaid transactions has rocketed by 339% over the same period, illustrating the market's appetite for the Contis service model. Further revenue growth of 147% is anticipated for financial year 2015.