Press ReleaseGlobal e-commerce payment method provider Ukash is to partner with MasterCard to facilitate the launch of its pioneering MasterCard rePower service in Europe.
The move is part of a strategic initiative from the London-based online payment solutions firm and will enable consumers to load cash onto their MasterCard and Maestro prepaid cards at point-of-sale locations.
Ukash is regulated by the UK’s Financial Services Authority and revealed that it has an existing global network of 275,000 issuing points with a track record within the alternative payments industry that is second to none. By partnering with MasterCard, it will be enable the rapid scale delivery of the MasterCard rePower service across Europe.
Ukash currently processes several million transactions a year with values in excess of €100 million and revealed that the benefits of its service to the consumer include immediate access to funds alongside the trust and security of the MasterCard brand, which is safer than carrying cash.
To charge money onto a card using the MasterCard rePower service, consumers simply swipe the card and it is loaded with funds in exchange for cash. The value of the transaction is then immediately available for the consumer to spend anywhere that accepts MasterCard.
Ukash revealed that the service would initially be enabled across the UK before moving into the rest of Europe via partners within its issuing estate.
“Partnering with MasterCard for the launch of Mastercard rePower is a very significant step for Ukash,” said Mark Chirnside, Chief Executive Officer for Ukash.
“It is one of several markers that Ukash is now a major player in the global prepaid industry with our rate of growth in volume and geography both moving at significant pace. It also demonstrates the growing popularity of prepaid products as a viable alternative for consumers. This is symptomatic of a shift in consumer behaviour as more of the public look to find safe and secure ways to shop online while maintaining control of their spending. Increasingly, they are turning to Ukash to provide the answers.
“For partners like MasterCard, our patented, regulated and proven technology is proving an attractive proposition for joint projects, which is a testament to our work and market position within the alternative payments industry.”
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