Digital-only challenger bank Mondo has chosen Wirecard as the card issuer of its new Mondo Card. The branchless, mobile-first venture – which has applied for its UK banking licence – recently launched the pilot of its general spend MasterCard prepaid debit card programme.

The Alpha version of Mondo’s iOS-based app is still currently in a trial phase, being distributed only to invited customers from a waiting list of over 30,000 people. The partnership between Mondo and Wirecard will provide a physical MasterCard prepaid debit card which will link directly back to the banking app. Users of the card will be able to load money on to the card, spend it in retail and online shops, as well as being able to withdraw their money from ATMs. The card will also be compatible with contactless terminals, and will work directly with the app to provide an instant update of the balance.

Tom Blomfield, CEO and founder of Mondo, stated: “Mondo’s entire experience is designed around your smartphone. We are targeting a demographic that values being able to do everything over a mobile phone in five seconds. We’re so excited to have launched our product, with the help of Wirecard, within the first year.”

Customers must firstly download the Mondo app and register their details, and will then receive their free Mondo card. The first £100 worth of credit balance has to be paid using an existing debit card via a ‘purchase’ screen within the app. From there, customers will be able to top up their Mondo cards simply through charging the card details entered during the initial sign-up process. Instant push notifications and timely alerts will enable the customer to keep track of their spending and manage their money in real time, giving more visibility to how much they have spent and how much they have left. The card has no transaction or ongoing fees to reflect the expected fee structure of the final banking product.

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