MasterCard launches pre-paid top-up service across Europe
Just weeks after signing a digital-wallet deal with Everything Everywhere, MasterCard has launched a “simple, accessible and secure” service that allows customers to top up pre-paid cards at merchant locations across Europe.
compare credit cardsBy teaming up with CQR Payment Solutions, MasterCard has been able to get its rePower service off the ground.
MasterCard rePower will offer pre-paid customers a “simple, accessible and secure” way to top up pre-paid cards using cash.
The move is expected to attract more customers for merchants, and amplify MasterCard’s slice of the European pre-paid market, which is forecast to be worth a whopping $149 billion by 2017.
Customers will be able to top up their cards using one of two methods.
Cardholders’ cash can be converted by merchants into a Ukash voucher which can be redeemed and added instantly to the card by entering a unique code on a site which is set to go live next month.
Alternatively, customers can hand over their pre-paid card and the cash to be loaded to the merchant, who will insert the card into the POS terminal and load the money onto it.
MasterCard Mobile Wallet – what can we expect?
This follows news from last month that MasterCard signed a deal with Britain’s biggest mobile operator to create a “mobile wallet”.
Everything Everywhere teamed up with MasterCard at the end of August in a deal that will allow customers to pay for products using their mobile phones.
President of MasterCard UK & Ireland, Marion King, said: “Our vision is of a world beyond cash and the phone is a key tool to driving this step-change.
“As the sophistication of smartphones continues to evolve, and the mobile payments ecosystem starts to open up, I believe that people will use their mobile phones in lieu of a traditional wallet.”
iPhone 5 mobile industry controversy
The mobile wallet is currently a subject of some controversy.
Near Field Communication (NFC) technology, which is used to turn mobile phones into mobile wallets, was not embedded into the iPhone 5 – due to be launched tomorrow (Friday 21 September).