The MasterCard rePower service, which transforms cash into electronic money on a prepaid account, has launched in the UK. It will launch in other European markets in the coming months.

MasterCard has partnered with CQR Payment Group to provide acquiring, processing and customer services as well as a dedicated MasterCard redemption website. Vincento, part of CQR Payment Group, is the first issuer enrolled for the rePower solution. Its Kalixa prepaid card can be loaded in the UK via the service.

Depending on the country, the solution will offer cardholders with two ways to load cash: Voucher: Cardholders convert cash onto a Ukash voucher which can then be redeemed online at www.mastercardrepower.com. Once the voucher is redeemed, funds are instantly available for the cardholder to spend wherever MasterCard is accepted; Card: Cardholders provide the retailer with an eligible MasterCard prepaid card and the cash to be loaded, the card is inserted into the point of sale terminal as if it were a regular purchase transaction. The transaction is approved, the card is returned to the cardholder and funds are immediately credited to the card.

“Cash is costly, inconvenient and insecure for consumers, businesses and the wider economy. By enabling the quick and easy conversion of cash into prepaid funds we are helping to drive cash out of the circulation,” says Ed Chandler, CEO at CQR Payment Group. “rePower is an enormous step towards creating a cashless society that is smarter, simpler and more secure for everyone. We’re confident it will be a success and are looking forward to working with MasterCard as they roll-out the solution into other European countries.”

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