MasterCard has launched its rePower service that lets prepaid card users load cash onto their cards in the United Kingdom. The move is significant because the ability to load cash onto cards helps drive cards loads, retention, and ultimately more transactions.
Brits with eligible MasterCard or Maestro pre-paid cards can convert cash in thousands of stores into Ukash vouchers. The code on the voucher is then entered at a dedicated rePower Web site and the money added to the card, available to spend wherever MasterCard is accepted.
Transaction volume is critical to the profitability of prepaid programs. Additionally, as more commerce becomes digital, the need to convert cash into a form of electronic funds increases for people of all walks of life. The move then, increases the value of prepaid cards for those who do not have access to traditional payments cards or who do not want to use credit and debit cards online.
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