26 September 2005
A new prepaid card has arrived in the UK, courtesy of credit card provider Mastercard.
The new cashplus product, which retails for £9.95, is a prepaid cash card that works like a prepaid card for a mobile phone.
The new card is interest free, allows you to only spend what you have prepaid onto the card and you do not need to have a bank account or undergo a credit check to get one.
Advanced Payment Solutions chief executive Rich Wagner said: "Cashplus offers a secure payment facility for the millions of unbanked Britons.
"It gives them access to ATM machines; it can be used globally and it offers payment options previously unable to them, such as online bill payment."
Phil Davies, director, business development, MasterCard (Europe), added: "Prepaid cards have already been immensely successful in the United States, and we're pleased to be working in partnership with APS to bring them to the UK.
"These innovative and secure cards will play an important role in ensuring that previously unbanked community groups are able to enjoy the convenience and safety of paying with cards. We are witnessing the evolution of a true 'plastic democracy'."
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