PrePay Technologies supports Western Union® Travel Cash Card™ launch with MasterCard

28th November 2005

PrePay Technologies announces the launch of the Western Union Travel Card. The Western Union travel cash card has been developed in conjunction with MasterCard Europe, Western Union International and Western Union agent FEXCO, a leading global payments company.

PrePay Technologies Ltd, MasterCard Europe, Western Union and its agent FEXCO worked closely to ensure that the travel cash card emulates Western Union's image of, 'reliable, fast and convenient'.

The travel cash card available at selected Western Union Agent locations across the UK, is a secure, prepaid and reloadable cash card available in Euros, US Dollars or Sterling. The card, successfully tested earlier in the summer is being issued with MasterCard Europe on its Maestro® network so it can be redeemed at over nine million retailers and over one million ATMs across the world. The card being 100% online and authorised with a zero floor limit provides cardholders with the safest, most reliable way to carry money abroad.

With 80,000 * people a day travelling abroad from the UK, significant growth in the UK is expected within the prepaid travel card market. Secure flexibility and convenience is what today's travellers are looking for and the travel cash card offers precisely that.

PrePay Technologies' MasterCard Member Service Provider status and FSA e-money licence combined with their recent platform redevelopment has dramatically increased the market opportunity in Europe from a prepaid perspective.

Philippe Dufour, Chief Executive of PrePay Technologies Ltd said, ''The travel cash card is part of an important expansion and diversification for our company. Working with MasterCard Europe, Western Union and its agent FEXCO is a tremendous validation of our vision and the work we have done to be able to comply with global clients of this calibre''.

Keith Hobbs, Head of New Business Development at MasterCard Europe, said: "MasterCard is committed to increasing its prepaid capabilities, and we're very excited about the travel segment as it allows us to play a greater role in fostering a more efficient payment system for both business and leisure travellers. Prepaid travel cards have emerged as a convenient and secure way to carry money while travelling abroad.   Western Union consumer reach, combined with the strength of MasterCard's global brand and PrePay Technologies capabilities to integrate, implement and roll out the solution provide Western Union travel customers with a convenient and secure means of payment wherever they are in the world."            

Carlan Dodson, Western Union International Director for Stored Value said: ''We had an objective to launch a travel cash card with MasterCard in just a few months, and to integrate it within our Western Union agent network in the UK. PrePay Technologies, with its combined set of skills as an e-money issuer, processor and integrator, had the market knowledge and resources to provide a comprehensive solution. In conjunction with PrePay Technologies, we were able to address a significant set of challenges and execute seamlessly''.

Sobia Rahman, Chief Operations Officer for FEXCO Money Transfer comments, ''FEXCO is committed to finding new and dynamic means of offering customers cutting edge financial solutions.   PrePay Technologies expertise has allowed us to bring this product to market within a short space of time. We continue to work with Western Union on their behalf in the UK and look forward to seeing the same success for the travel cash card as we have for the Western Union Money Transfer business''.

*According to the Consumer Choice Panel 2003

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