Leading online payment solution Ukash is to partner with MasterCard and facilitate the launch of its pioneering MasterCard rePower service in Europe - part of its strategic initiative to allow consumers to load cash onto their MasterCard and Maestro prepaid cards at Point-of-Sale (POS) locations.
Ukash, which is based in the UK and is regulated by the Financial Services Authority (FSA), is partnering with MasterCard to enable rapid scale delivery of MasterCard rePower across Europe. Ukash has an existing global network of 275,000 issuing points and its track record within the alternative payments industry is second to none; Ukash currently processes several million transactions annually with values in excess of €100m.
To load money using MasterCard rePower, consumers simply swipe their card and in exchange for cash, their card is loaded with funds. Ukash will enable this service to be delivered across the UK initially and then across Europe via partners within its issuing estate. The value of the transaction is immediately available for the consumer to spend anywhere that accepts MasterCard.
The benefits to the consumer include:
- A real-time process, providing immediate access to funds
- More reload locations
- Trust and security of the MasterCard brand
- Safer than carrying cash
Mark Chirnside, chief executive officer Ukash, explains, "Partnering with MasterCard for the launch of Mastercard rePower is a very significant step for Ukash. It is one of several markers that Ukash is now a major player in the global prepaid industry, with our rate of growth in volume and geography both moving at significant pace. It also demonstrates the growing popularity of prepaid products as a viable alternative for consumers. This is symptomatic of a shift in consumer behaviour as more of the public look to find safe and secure ways to shop online while maintaining control of their spending. Increasingly, they are turning to Ukash to provide the answers. For partners like MasterCard, our patented, regulated and proven technology is proving an attractive proposition for joint projects, which is a testament to our work and market position within the alternative payments industry."