Clydesdale Bank and PrePay Technologies to launch Prepaid MasterCard Cards

19 January 2006

Clydesdale Bank plc (a member of National Australia Group) has joined with PrePay Technologies Ltd to create, deliver and service prepaid MasterCard debit cards for a wide range of applications. Clydesdale Bank is a member of Mastercard and therefore all the prepaid products of this alliance will carry the powerful MasterCard Maestro branding.

The alliance has already resulted in the launch of the Western Union Travel Cash Card. The product is a secure, pre-paid and reloadable cash card available in euros, US dollars and sterling, which is protected by a personal PIN. The card can be used at over 1 million ATMs displaying the Maestro® logo in nearly 210 countries and at over 9 million merchants, restaurants and outlets using the Maestro® network. It is available at independent travel agents or can be ordered online.

PrePay Technologies and Clydesdale Bank also worked in unison to create a set of cards targeted to the large unbanked market. These cards will be released imminently.

Philippe Dufour, CEO of PrePay Technologies, commented, "We have been working with Clydesdale Bank for more than a year to create a number of exciting prepaid card products for the UK and European markets. Prepaid is coming into Europe fast and I am delighted that Clydesdale Bank recognised PrePay Technologies' expertise and knowledge in the field."

Dean Cutbill, general manager of Third Party Distribution, Clydesdale Bank, said: "The US marketplace has seen a rapid expansion in the provision of prepaid debit cards over the last five years and we anticipate this growth will be replicated in Europe over coming years. We are very excited by the prospects offered and are thrilled to be in partnership with PrePay Technologies in entering this new market."

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