Habib Bank teams with PrePay Technologies to launch pre-paid card in UK

Source: PrePay Technologies

PrePay Technologies are pleased to announce the signing of a contract with Habib Bank AG Zurich for the launch of their innovative e-money card, a UK first for retail banking.

The Maestro-branded pre-paid card enables customers of the bank to spend the monetary value stored on the card in the same way as a regular debit card, but with no risk of becoming overdrawn.

Aimed at Habib account holders living or working in the UK, the new card will be launched in August 2007 supported by a seven-figure advertising campaign on digital TV channels. Cardholders can reload the card's stored value at any branch of Habib Bank AG Zurich, online, or at over 34,000 top-up locations across the UK. Once loaded, the Habib Bank AG Zurich e-money card is accepted in the UK and worldwide wherever the Maestro acceptance mark is displayed and can be used to buy in-store, by phone, via the internet or used at ATMs. In addition to usage across multiple channels and retailers, the Habib Bank AG Zurich e-money card also reduces exposure to fraud and eliminates the risk of losses caused by unauthorised borrowing.

Under the terms of the contract, Habib Bank AG Zurich will be provided with all the services required to issue and operate its card programme by PrePay Technologies Ltd., the UK market leader in stored value prepaid card solutions, and its partners.

Anthony Graham, Marketing Director at PrePay Technologies, added, "I am delighted to welcome Habib Bank AG Zurich to our portfolio of 360money programmes - they bring with them a key strategic customer base for the prepaid market who will benefit from the trust, security and stability provided by the 360money network and the freedom to spend wherever the see the Maestro acceptance mark."

Habib Bank AG Zurich is delighted to be leading the retail banking market and commenting on the deal Mr S K Kazmi, Senior Executive Vice President of Habib Bank AG Zurich said, "The e-money card provides our customers with a simple hassle free way to access ATM and retail point of sale services around the world. We are delighted with the way our relationship with PrePay Technologies has developed over recent months and we selected them as our service provider because of their proven expertise within the prepaid card payments sector".

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