MasterCard has launched a cash reload service for eligible MasterCard and Maestro prepaid cards.
Depending on the country, the rePower service offers two methods for loading cash: either by card at a POS terminal or by converting currency into Ukash vouchers, which can be redeemed on the MasterCard rePower website. These funds are immediately available on the prepaid card.
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MasterCard has partnered with CQR Payment Group on this product and the payment service company will be providing the acquiring, processing and customer services, as well as a dedicated MasterCard redemption website.
Ed Chandler, CQR Payment Group chief executive, said: "By enabling the quick and easy conversion of cash into prepaid funds we are helping to drive cash out of the circulation. MasterCard rePower is an enormous step towards creating a cashless society that is smarter, simpler and more secure for everyone."
At the 2012 Prague Prepaid Summit Europe, MasterCard stated that they the prepaid industry is forecasted to be worth USD822bn by 2017.
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