MasterCard and prepaid card issuer APS Financial Limited have extended their successful brand partnership by signing a new five-year deal, which will see their continued collaboration to drive the growth of the prepaid market in Europe.
In particular, both MasterCard and APS see the small and start-up business segment as a key area for growth in prepaid, as it can speed up and ease the process of allowing a company to receive and make business payments. Many entrepreneurs and small business owners are put off by the time and effort needed to persuade a bank to allow them to have a business account. By contrast, a prepaid account can be set up online in minutes and they know they will not be refused due to credit reasons at the end of the process.
MasterCard's Head of Prepaid Europe, Matt Lanford, said, "We're looking forward to expanding our decade-long brand relationship with APS in Europe. Working alongside partners such as APS, MasterCard has been instrumental in driving the steady growth of prepaid throughout the region, as consumers, businesses and governments increasingly recognise how this simple payment vehicle can be customised to meet their diverse needs. Our focus now is on marrying robust prepaid solutions with cutting edge technology to drive usage and acceptance."
APS's founder and Chief Executive, Rich Wagner, commented, "APS and MasterCard have a track record of innovation in the prepaid market and this partnership agreement will permit us to continue to pool our resources with the aim of launching new programmes and developing new products for consumers, business and public sector organisations".
APS was the first prepaid card company to achieve direct membership to MasterCard in the UK back in 2007. As an exclusive issuer of MasterCard®-branded cards this partnership has grown and strengthened, not least because APS is one of the UKs leading providers of payment solutions and prepaid cards.