The pre-loadable Festipay Prepaid Card, which is accepted at all MasterCard acceptance points and is proper for online use, will have its debut at the Sziget Festival.
According to MasterCard’s survey, two-thirds of the Hungarian population is especially open for prepaid payment solutions that are independent from a bank, are available quickly and easily, and help people control their spending.
Festipay, MasterCard and Sziget Ltd. announced the launch of the limited edition Festipay Prepaid Card. According to MasterCard’s survey, Hungarian users would be willing to use prepaid cards during their everyday purchases. It is an important benefit of the prepaid that cardholders can control their spending, as the card can be used only to the amount preloaded previously. For this reason, the product offers great security when users pay online. Applying for such a card, which is independent from banks, is simple and quick and there is no need to open a current account.
The Festipay Prepaid card may be obtained with or without cardholder identification. If the personal details of the cardholder are not provided, the card can only be topped up with 150 EUR (approx.. 47,000 HUF) at point of sale, and cannot be reloaded again. Those cardholders who wish to reload the card and use it to the extent of a larger amount, can register the card with the provision of their details, with simplified or full identification. In the case of a simplified identification, the following set of data needs to be provided: name, date of birth, address and contact details. After such identification, the card can be loaded with 2,500 EUR (approx.. 790,000 HUF) by cash top-up, debit or credit card, or with money transfer. Those who choose full identification and upload the copy (or photo, even taken with a smartphone) of their ID card and address card to Festipay’s website, can use the Festipay Prepaid card to the amount of a yearly 15,000 EUR (4.7 million HUF), and the card-to-card transaction function becomes available.
In Hungary, this is the first prepaid card which can be topped up with cash. This function will be first available at the Sziget Festival. Festipay Zrt. – for the first time in the country – is currently working on the built-up of a prepaid cash-top-up network, which is having its first location at the whole Hungarian network of more than 170 OMV petrol stations. Prepaid card can be preloaded also by bank transfer, with a bank card, through text messages and with real time payment between bank cards.
Festipay’s partner is Prepaid Financial Services Limited (PFS) which works with the license of the British Financial Control Authority (FCA). PFS is the issuer of the MasterCard cards and the e-money behind the cards.
Festivals are at the forefront
The spread of innovative payment solutions is the fastest in festival environment, so it is not a coincidence that this Festipay Prepaid Card will be first available in Hungary at the Sziget Festival.
"We are proud that Sziget Ltd. is continuously introducing a great number of innovations to the festival market. It is our important mission to use innovative payment solutions in festival environment. In our festivals, the number of visitors who use their bank cards for payment and topping up their festival cards is growing dynamically. The Festipay Prepaid MasterCard is a new way of payment, which can be used in festival environment and during everyday life. It is a real pleasure that the „Sziget feeling” is echoed in the unique card design”– said Károly Gerendai, Managing Director of Sziget Ltd.
According to the expectations of Festipay, the number of cashless transactions at festivals can reach 7 million this year, which means a 27% growth compared to last year’s 5.5 million transactions.
"In our experience, prepaid cards work very well in festival environment as expenses can be managed easily. This is the reason why we, together with MasterCard and the issuer PFS, decided to launch a prepaid service which is available in Hungary and abroad, and has a quick and easy application process and usage. The market introduction of this Festipay Prepaid card has been scheduled for the time of the Sziget Festival, a festival which is at the forefront of cashless payments. Cardholders will be able to pay with this card at the Sziget Festival for the first time, but this is just the first step. The card will be usable also after the festival season, and will make payments significantly easier and safer” – explained László Márki, Festipay’s CEO.
Two-thirds of Hungarians are open to prepaid
Festipay Prepaid card will function at all MasterCard acceptance locations, and with the registered cards cash withdrawal will be possible at all ATMs. According to the international survey of MasterCard, there is a need for such type of cards also in Hungary. 61 per cent of the Hungarian respondents in this survey said that they would be willing to use prepaid cards for everyday purchases. Prepaid card comes handy for those who wish to get a card quickly and easily, and independent of a bank, and for those who want to keep their money safe during online purchases or online games. It is a good tool for those who are managing spending consciously and this card can be also handed to someone as a gift card. Parents can give the prepaid to their children, so the use of pocket money is more easily controllable. For people working abroad, the new product means a money sending opportunity.
"It is a great pleasure to participate in the introduction of the first retail prepaid card issued in Hungary. With the emergence of prepaid, a number of new opportunities are arriving to Hungary as this product has plenty ways to use. This card can be obtained easily, with a simplified client-identification, and it can be used for online payments for instance, or children can get pocket money at such a card. Moreover, in many countries social benefits are not distributed in cash by the post officer, but handed out on prepaid cards. As a result, the process of money distribution is shortened and there is a smaller risk of errors. The costs of money handling will be lower, the level of security is increasing and fake banknotes will not cause any risks.” – said Endre Eölyüs, Country Manager for Hungary and Slovenia at MasterCard.
Those who pre-register until 1 August, will get an exclusive card with their names on it. Naturally, people who do not pre-register will also have the possibility to get a card at the “Prepaid Points” of the Sziget Festival.