NOMAD Processing Services, a leading supplier in the debit and prepaid card processing market, has launched a new prepaid card processing solution connected to MasterCard's UK Domestic Maestro (formerly SWITCH) network.
The new processing solution will enable financial institutions and independent sales organisations to offer prepaid cards to establish closer relationships with customers, increase customer loyalty and create new sales opportunities.
A solid legislative environment governing the issuing of electronic money, the creation of the domestic Maestro scheme in the UK and the emergence of financial institutions prepared to work with third party issuers has opened up the vast prepaid market to UK organisations.
Unlike traditional, closed loop gift cards restricted to one retailer, the NOMAD solution is open loop and compatible with any outlet on the MasterCard or Maestro network. As such there are numerous applications for cards processed by NOMAD, ranging from a flexible gift or a payments tool for savvy teenagers, to an easy to obtain alternative for those who don't have a bank account.
NOMAD provides complete end-to-end support, seamlessly managing the complexities surrounding card processing and leaving organisations free to focus on their own core businesses. Designed to meet UK-specific electronic money legislation, NOMAD supports the full range of MasterCard products utilising both Chip and Pin and magnetic stripe functionality.
Commenting on the new solution, John Yeomans, CEO at NOMAD Processing Services says: "The prepaid market is already a multi-billion dollar industry in the US however UK organisations had to wait to ensure the necessary technology and regulatory infrastructures were in place before being in a position to claim a share of this lucrative sector. The UK retail landscape is set to change dramatically over the next 12 months as an increasing number of organisations recognise the potential offered by prepaid cards."
Phil Davies, director of business development, MasterCard Europe adds: "The launch of the NOMAD solution is good news for the UK’s prepaid market. By removing the challenges associated with card processing, more organisations will be more attracted to the prospect of offering prepaid cards. As such, this will ultimately help increase significantly the number of cards in circulation."