Fast growing global payment system Ukash is to launch a service that will allow consumers to spend cash online anywhere that MasterCard is accepted.
In a move that will revolutionise internet shopping for cash consumers, Ukash will provide shoppers with a 'virtual card', in exchange for cash, that can be spent in MasterCard merchants worldwide.
Recognising the need for cash consumers to interact in the world of ecommerce, Ukash has entered into an agreement with Transact Network Limited (www.transactnetwork.gi), a prepaid MasterCard issuer, to bring to the market a 'virtual card' specifically to address the needs of the cash customer.
Of particular interest to the consumers traditionally underserviced by banks, including those without access to credit or debit cards along with those in the youth and gift market, this new service from Ukash will enable cash customers to enjoy the benefits and flexibility of internet shopping for the first time.
This revolutionary product will be available to consumers by Q4 2009 and is expected to be hugely popular with shoppers.
Mark Chirnside, CEO of Ukash said: "Our vision has always been to allow everybody, anywhere in the world, to shop online and this innovation is a major milestone for Ukash in achieving our goal. For years those without access to credit and debit cards and those nervous of utilising cards online have missed out on special offers and services that are available to internet shoppers and we are delighted to offer a more socially inclusive solution. Now, consumers can use one of our 'virtual cards' and spend their cash at hundreds of thousands of websites and enjoy the benefits of ecommerce that so many people have been benefiting from for years."
Tobias Schreyer, Managing Director of Transact Network added, "The partnership with Ukash marks a major step for the prepaid market in accessing the cash consumer. We are proud to be a part of launching this innovative and practical product."