UK payments start up Splash Plastic has implemented Mosaic Software's Postilion PrePay solution via the PayPoint network for the company's re-loadable prepaid card aimed at teenagers.
Card-holders will be able to upload money at PayPoint terminals in high street and neighbourhood stores and the sums deposited will be available to spend at affiliated Splash Plastic Web merchants.
In practice, the POS terminal dials up to the Postilion PrePay system at PayPoint where the transaction is processed and authenticated. If the transaction is validated it is forwarded to the Splash Plastic host to credit the card account.
Whatever the outcome, the Postilion PrePay system confirms to the terminal the status of the transaction with appropriate receipt printing. This occurs in real time, in under 15 seconds. With their Splash Plastic account now in credit, the customer can spend up to that limit on the Internet.
Splash Plastic is targeting the £20 billion annual spend of UK teens who want to buy online but can't because the main form of online payment, the credit card, isn't available to under 18's.
The start-up is supported by a consortium of payment and e-commerce specialists, including GE Equity, Global Retail Partners (GRP) and Arts Alliance, who have invested $10 million in first round funding.