Cellum Group, a Hungary-based provider of mobile payment solutions, has launched a new solution to provide financial services to the unbanked and underbanked.

The new technology, known as Connected Card, uses prepaid cards and enables users to carry out shopping both online and in-store using NFC. Additionally, the users can also remit funds directly to other users.

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To access the new service, users require installing an application in their smartphone, through which they can sign up for the service and instantly receive a virtual prepaid card.  After completing an activation process, the card can be used for all standard bank card transactions.

Cellum said that the new solution enables people, who did not have access to digital transaction services, to join the open-loop world of card payments immediately.

Connected Card supports online payments through MasterPass, in-store payments using NFC, as well as peer-to-peer transactions between users.

Cellum Group COO Abel Garamhegyi said: “Prepaid cards currently represent an estimated $45bn market. Thanks to their ease of use and low barrier to entry, so many people already find them useful.

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“We believe that by introducing mobile financial services based on prepaid cards we can foster financial inclusion for those who need it the most. Cellum has always been looking for ways to broaden the horizon for mobile payments. Connected Card is a new milestone in our efforts to bring meaningful fintech innovation to the market.”