MasterCard has launched its new rePower service with CQR. rePower allows customers to top up their MasterCard and Maestro prepaid cards. MasterCard has partnered with CQR Payment Group to provide acquiring, processing and customer services as well as a dedicated MasterCard redemption website. Vincento, part of CQR Payment Group, is the first issuer enrolled for the MasterCard rePower solution. CQR’s Kalixa prepaid card is the first prepaid programme that can be loaded in the UK via the MasterCard rePower service.
Customers will be able to load their card with vouchers or cash. Cardholders convert cash onto a Ukash voucher which can then be redeemed online at www.mastercardrepower.com. Once the voucher is redeemed, funds are instantly available for the cardholder to spend wherever MasterCard is accepted. If they prefer cash, they can simply go to a participating retailer and load the card through a POS terminal as if it were a regular purchase transaction. When the transaction is approved, the card is returned to the cardholder and funds are immediately credited to the card.
“Cash is costly, inconvenient and insecure for consumers, businesses and the wider economy. By enabling the quick and easy conversion of cash into prepaid funds we are helping to drive cash out of the circulation,” said Ed Chandler, CEO of CQR Payment Group. “MasterCard rePower is an enormous step towards creating a cashless society that is smarter, simpler and more secure for everyone.”
Chandler added that MasterCard will soon be rolling out the solution to other European countries beyond the UK.
rePower is another step in MasterCard’s road towards a cashless society. Matt Lanford Head of Prepaid at MasterCard Europe commented: “By enabling cash electronification to take place at a far wider range of merchants or online, MasterCard is creating a series of environments where prepaid can be disruptive to the normal flow of cash in our society and where those people bound to cash can take advantage of the security, convenience and control offered by prepaid.”
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