PrePay Technologies to launch the Virgin Money prepaid MasterCard

04 July 2007

PrePay Technologies, the market leader in Stored Value prepaid card solutions, announced today that it has signed an agreement with Virgin Money to create, manage and operate the Virgin Money prepaid MasterCard programme.
 
PrePay Technologies, which has been working with Virgin Money on this project in designing and developing the solution, will manage the entire end to end consumer programme including cardholder application, PIN delivery, activation, compliance, e-money, card processing, secure Internet payment, management of the cash collection, fund clearing and customer service. Virgin Money will manage the entire marketing campaign of the prepaid MasterCard card through its various distribution and marketing channels and will lead with respect to customer acquisition, retention and loyalty management.
 
The Virgin Money prepaid MasterCard will be available this summer, initially through Virgin Money’s marketing channels and targeted to consumers seeking the benefits of a prepaid card for convenience and everyday purchase. The Virgin Money prepaid MasterCard card is not attached to any bank account and can be loaded with cash through 34,000 PayPoint and Post Office outlets across the UK and can also be topped up through wage transfers, credit or debit cards online and bank transfers. The entire programme is supported by PrePay Technologies through its 360money prepaid platform.

Philippe Dufour, CEO at PrePay Technologies says “partnering with Virgin Money in developing this solution has been a tremendous experience and an excellent endorsement of our strategy to deliver fully integrated prepaid solutions to leading consumer brands. The Virgin brand is one of the most respected consumer brands in Britain, and has unrivalled access to consumers across the UK through well established distribution channels. Our organisation has developed the perfect tool kit to support such a programme and we look forward to creating further value for Virgin Money and the Virgin Group.

Jayne Anne-Gadhia, Chief Executive of Virgin Money said: “The Virgin brand stands for value for money, quality, innovation, fun and a sense of competitive challenge. The Virgin Money prepaid MasterCard programme powered by PrePay Technologies is true to our brand values and will enable us to continue to deliver on the Virgin Money promise of providing customers a better deal.”

MasterCard certified, EMV Chip & PIN Compliant and FSA regulated; PrePay Technologies Limited is licensed to issue e-money across Europe and deliver successful prepaid card programmes for leading clients including Mirror Group Newspapers, Rugby Football Union (RFU), Debenhams, Ticketmaster, Comet, Clydesdale Bank, Yorkshire Bank, the Arcadia Group (Topshop, Topman, Burton, Miss Selfridge, Outfit, Evans, Dorothy Perkins, Wallis), Capital Incentives (ACCOR), Laura Ashley, Family Fund, Western Union, LOVEFiLM and Gift Days Out.

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For further information about PrePay Technologies Limited, please visit the press room or contact

Amit Sharma
Corporate Marketing Manager
Tel: +44 (0) 207 0344 344

Email: amit.sharma@prepaytec.com