Tuxedo Money Solutions has launched the first Person to Person (P2P) payment service in the UK on prepaid cards enabling thousands of users to make instant payments to each other for up to £150 at a time.
After a period of extensive market research and consultation with their customer base Tuxedo identified three key areas where instant P2P payments would benefit its cardholders: sending money to friends and family in the UK and abroad, buying goods from online auction sites, and for 'emergency money.'
John Sharman, Chief Operating Officer at Tuxedo commented that "we were concerned that our own service relied on a cardholder/authorised user relationship to transfer money instantly and this did not suit many of our customers who preferred to have completely independent accounts - even within the same family. This was the primary driver for us to develop this service."
"Many of our cardholders that we spoke to were also frustrated with the options available for making payments on eBay and other online auction sites and this is an ideal alternative for sellers and buyers to some of the more expensive and cumbersome solutions currently offered. As we explored the market further, we identified that this is one of the best ways to get money to someone very quickly and is ideal for parents concerned for the safety of their children when travelling abroad, for friends and family needing a small emergency loan or even just being able to pay for someone's taxi to get home if they have overspent on a night out." he added
The P2P payment service is another first offered by Tuxedo to help customers manage their money easily and eliminate delays when transferring funds. The service is offered free to customers throughout April and payments are charged at only £1 each thereafter.
Tuxedo plans to roll out the service to all of its partner programmes in the near future.