Social money transfer app Moneymailme has partnered with Prepaid Financial Services to provide Moneymailme users with access to virtual and physical cards.
The announcement was made at Money 20/20 Europe, Europe’s largest fintech event.
All Moneymailme cards will have multiple currency wallets linked to them so that when cardholders make a transaction, the money will be debited from the matching currency wallet rather than a traditional base currency card.
“The new cards will provide a valuable spending tool for new and existing Moneymailme users and will be a great option for those wanting to make payments with the money they have in their Moneymailme e-wallets” said Mihai Ivascu, Moneymailme Founder & CEO of Moneymailme during a press conference at Money 20/20 Europe in Copenhagen. He added, “With the removal of all deposit fees for users and the introduction of cards we are enabling users to move their money more freely.”
PFS Commercial Director Lee Britton said: “PFS is delighted to have been chosen to partner with Moneymailme. The Moneymailme proposition will completely change the way social payments are made; the innovative approach and outstanding technology platform has enabled Moneymailme to lead the way. The launch of Moneymailme with PFS today as an important step in enabling social payments to meet the needs and wants of customers globally.”
Research from Moneymailme highlighted the market potential for e-money transfers and card usage, finding that 48% of 18-25 year olds believe that cash will be obsolete within 20 years. Similarly, almost a quarter of this age group said they wouldn’t consider making a bank transfer to friends or family for under £10.