MasterCard alliances Ukash to launch POS reload service

Ukash, a leading online payment solution, is to partner with MasterCard and facilitate the launch of its pioneering MasterCard rePower service in Europe - part of its strategic initiative to allow consumers to load cash onto their MasterCard and Maestro prepaid cards at Point-of-Sale (POS) locations. UK-based Ukash, which is regulated by the Financial Services Authority (FSA), is partnering with MasterCard to enable rapid scale delivery of MasterCard rePower across Europe. Ukash has an existing global network of 275,000 issuing points and its track record within the alternative payments industry is second to none; Ukash currently processes several million transactions annually with values in excess of €100m. To load money using MasterCard rePower, consumers simply swipe their card and in exchange for cash, their card is loaded with funds. Ukash will enable this service to be delivered across the UK initially and then across Europe via partners within its issuing estate. The value of the transaction is immediately available for the consumer to spend anywhere that accepts MasterCard. Mark Chirnside, chief executive officer Ukash, commented: "Partnering with MasterCard for the launch of Mastercard rePower is a very significant step for Ukash. It is one of several markers that Ukash is now a major player in the global prepaid industry, with our rate of growth in volume and geography both moving at significant pace. For partners like MasterCard, our patented, regulated and proven technology is proving an attractive proposition for joint projects, which is a testament to our work and market position within the alternative payments industry."