Wirecard Card Solutions Ltd, a Wirecard Group company, is card issuer of the new Mondo Card. The Programme Manager Mondo has recently launched its general spend MasterCard prepaid debit card programme in the UK.
Mondo is a London FinTech start-up introducing their innovative branchless banking product to UK customers. Currently the iOS-based Mondo app Alpha version is being distributed to invited customers from the 30k strong waiting list. Wirecard has partnered with Mondo to provide a physical MasterCard prepaid debit card linked to the banking app. The card allows users to load money onto the card and to spend it in retail and online shops as well as at ATMs. The Mondo card also works with Near-Field-Communication (NFC) technology at contactless terminals.
“Mondo's entire experience is designed around your smartphone. We are targeting a demographic that values being able to do everything over a mobile phone in five seconds”, says Tom Blomfield, CEO and founder of Mondo. “We’re so excited to have launched our product, with the help of Wirecard, within the first year.”
"As the payment sector continues to evolve with consumers demanding more innovative and convenient ways to manage their money, Wirecard are proud to be supporting Mondo's card programme. With their unique mobile application, consumers can map, monitor and track their spending like never before", said Brian Lawlor, Director of Sales and Business Development at Wirecard Card Solutions.
Customers download the Mondo app and register their details. The Mondo card is given out for free, and customers will purchase the first £100 worth of credit balance by paying with their existing debit card via a "purchase" screen in the app. The cards can then be topped up simply and quickly by charging the card details entered during the initial signup process. Mondo helps customers manage their money through instant push notifications triggered by card spending. Timely alerts keep customers informed and in control of their finances whilst real time notifications give customers more visibility as they can see what they are spending and how much they have left. Mondo has no transaction or ongoing fees to reflect the expected fee structure of the final banking product.
Contributed | what does this mean?