2 September 2005
Following on this week's earlier article on Visa's disposable credit card, details have emerged of a version from rival MasterCard, set to hit UK shores in October.
MasterCard's Cashplus card works in a similar way to a pre-paid mobile phone card allowing users to top-up the card with cash but not build up debts.
The card will cost £9.95 just to be issued and users will then pay a monthly fee of £4.95 or £1 per transaction.
Explaining the concept, Advanced Payment Solution's (a company involved in the project) Rich Wagner said: "There are nearly eight million people in the UK without a bank account or a credit card and this is the market we are aiming at.
"These people can't buy goods over the Internet, can't reserve hotels or hirecars and if they lose their money it is gone. With the card it is secure."
Phil Davies, director of business development at Mastercard Europe, added: "The potential for these cards is endless, they can be used as a straight cash card or can be adapted for specific purposes, such as for the gift card market or replacing traveller's cheques."
The cards have proved very popular in the US with 1.4 billion pre-paid cards in circulation creating a market value of $2 trillion.
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