Cash Technologies, Inc. (Amex: TQ) announced today that its CashTechCard Systems, Inc. subsidiary has launched its prepaid debit card program in Europe with the signing of banking and processing agreements that permit card issuance throughout the European market.
The agreements provide all necessary card issuance, transaction processing, funds management, card manufacturing, fulfillment and customer support needed to offer CashTechCard prepaid debit cards to European cardholders.
Prepaid debit cards provide credit card branding and functionality as well as worldwide acceptance, however no credit is granted and only funds previously paid into the card account can be spent. The card is ideal for a variety of purposes and users, including customers with credit problems, students and teens, travelers, employers with benefit/reimbursement plans and for gift/merchandising programs. No credit check is required to obtain a prepaid debit card so virtually everyone is qualified.
Prepaid debit cards are a relatively new financial instrument, having been first offered in the U.S. less than 10 years ago. In most European countries and other foreign markets the cards are even newer, with the first programs introduced within the last 2 years. This has created ground floor opportunities for CashTechCard.
"Demand for prepaid cards in Europe is quickly escalating and we're pleased to have one of the first platforms that can offer these products outside the U.S.," stated Bruce Korman, CEO of Cash Technologies, Inc., CashTechCard's parent company.