Tuxedo Money Solutions, the UK-based international payments technology firm, has been awarded principal membership of MasterCard.
Tuxedo can now issue prepaid cards on its own e-money license and should be able operate at a lower cost thanks to the licensing.
The principal membership demonstrates that Tuxedo has been successful in meeting MasterCard’s qualifying criteria and capability barriers.
There are a number of programmes that Tuxedo intends to launch following its membership. The company will be using its platform technology to roll out a number of new products on its own license in areas such as global remittances, prepaid and other specialist payment fields.
Tuxedo was founded in the UK in 2006 and launched its first prepaid product in 2007. Having grown quickly in the UK providing white-labelled and bespoke payment solutions to millions of consumers and over 400 businesses, Tuxedo is now seeking to expand internationally. It has launched payment programmes in the US, Europe, Australia and UAE during the last 12 months, including its Dubai Card.
Commenting on the MasterCard membership, John Sharman, chief executive of Tuxedo Money Solutions said: “This is another notably milestone for Tuxedo as we rapidly expand in territories around the world. By meeting MasterCard’s requirements we have demonstrated our stability as a business and will now be able to deliver our prepaid card programmes more efficiently and at a lower cost.”
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