Raphaels Bank and UK Post Office launch prepaid card

Raphaels Bank and the UK Post Office have launched a prepaid MasterCard to provide an alternative to credit and debit cards.

The Post Office Money Card, designed to help customers budget, can be used to pay online or anywhere that accepts MasterCard and topped up at Post Offices, online, by SMS, over the phone or at one of the Post Office mobile vans which visit rural locations in the UK.

Andrew Downes, head of card services at Raphaels Bank said: "The launch of the Post Office Money Card is another significant step in the growth of prepaid cards in the UK.

"We are delighted to play an important role in the success of this innovative product and to work with such a well-known brand to bring the proposition to market and provide real benefits to the 17 m customers served by the Post Office per week."

The contract is the second that Raphaels has announced in a week, as the bank has also just teamed up with Transport for London (TfL) to launch a network of cash points at underground stations dispensing both sterling and Euros.

The cash points will be installed at 70 underground stations across the London transport network and offer sterling withdrawals free of charge for UK cardholders, while Euros withdrawals will be commission free and at competitive exchange rates.

Beth Williams, head of ATMs for Raphaels Bank, said: "Building on our existing estate of ATMs in key London travel hubs, Raphaels Bank is delighted to be working with TfL to serve the 4m daily users of the Tube."

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