A first of its kind, Raphaels Bank Payment Services, a niche payments bank now offers Apple Pay to the bank’s Cash Passport Multi-currency card customers.
The Cash Passport Multi-currency card – which is enabled by Mastercard Prepaid Management Services – will be the first facility to transact in up to 10 currencies using Apple Pay and demonstrates a continued commitment to leading innovation in the payments sector.
With security and privacy at the core of Apple Pay, Raphaels Bank believes this is a significant development to give prepaid card programmes a valuable differentiator in the consumer marketplace, as Janet Johnston, Head of Raphaels Bank Payment Services explained:
“The cashless society is set to accelerate over the next few years in line with the rapid growth in contactless payment transactions at point of sale and Apple Pay is playing a crucial role in this space. Whether via card or mobile, we see it as vital to be at the forefront of the digital payment revolution and are excited to be making it possible for prepaid card programmes to use Apple Pay for multiple currencies.”
Graham Perry, President, Mastercard Prepaid Management Services said: “The addition of Apple Pay to our Cash Passport product marks a step change in digital convergence for our customers. They continue to benefit from the security and simplicity of our multi-currency account, combined with the flexibility and convenience of Apple Pay. We are excited to give our cardholders even more ways to use the product especially with the continued growth in online, cross-border transactions.”
Perry continues: “We continue to work closely with our partner, Raphaels Bank, to innovate in order to ensure our products meet the changing needs of customers.”
“This is another great example of how we’re investing in transforming payments for prepaid card programme managers, giving them a strong selling proposition that keeps pace with the rapidly evolving payments market”, added Janet Johnston. “While many of the big banks have already adopted Apple Pay, we are proud to be one of the first specialist payment banks to offer this facility to our customers for multi-currency transactions.”