New prepaid cash account designed to revolutionise charitable giving in the UK

9 May 2006

PrePay Technologies is launching a revolutionary new charity initiative at the House of Lords.

Designed to transform our notion of giving in the UK, 360money is the first prepaid cash account to be designed by and for the benefit of the charity sector. The aim is to raise £2 million in two years.

360money is a prepaid cash account available to everybody from adolescence to old age.

360money account holders are issued with a Maestro card that works and looks exactly like a debit card. The difference is that 360money account holders do not require a bank account and can never go into overdraft. The account will also enable consumers to budget and manage their cash online, over the telephone, via SMS, or over the counter.

For every card issued, four founding charities including Samaritans, the Warwick Leadership Foundation and two other household names will receive a donation. The aim is to raise £2 million in two years.

And the best part is that it costs 360money account holders nothing. Although account holders can choose which charity they wish to support, the charitable donation is taken care of entirely by PrePay Technologies, the company behind 360money.

360money aims to generate £2 million for UK charities…
Currently backed by the Maestro network, 360money account holders can shop at over 9 million retailers, wherever the Maestro brand is accepted in the UK and worldwide. It is also possible for account holders to withdraw cash from one million ATMs in the UK and worldwide.

360money works on a 'pay as you go' basis. It is the sound alternative to the credit card and debit card and it is available to anyone, so no one is excluded. 360money will not allow accounts to go overdrawn, so there is no risk of debt and no interest charges. It is simply a way of holding and managing cash through a secure prepaid cash account.

PrePay Technologies partners on 360money are MasterCard, PayPoint and The Post Office.

Philippe Dufour, Chief Executive of PrePay Technologies, the company behind for the 360money prepaid cash account, says:

“We are very excited about 360money, which will be of direct benefit to everybody in the UK, including around 12 million people without a bank account or a bank card. In our increasingly cashless economy, having a universally available account where people can plan and budget their spending will become increasingly important. 360money offers freedom and choice and the added appeal of supporting worthwhile charities. And because the account does not offer any form of credit, there is never any risk of getting into debt. A major plus for many people. Our approach has already been validated by many companies looking to extend their offering to valuable customers that they could not reach before.”

Hosted by The Lord Taylor of Warwick, founder of the Warwick Leadership Foundation, senior representatives from the founding charities will be attending. Other charities will be incorporated into the scheme as it develops.

Issued on behalf of PrePay Technologies Ltd.

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