One of the leading online cash payment providers, Ukash, has launched a General Purpose Reloadable prepaid card, supported by a mobile app that makes uploading of funds quick and easy. Putting customers in control of their money, the free smartphone app (iPhone and android) makes it easy to check transactions and balances while cardholders are out and about as well as top up their card as soon as they’ve exchanged cash for a Ukash code. Cash can also be loaded directly onto the Ukash Prepaid MasterCard at UK Post Offices.

For unbanked consumers, and also for those who want more control

Designed for consumers who are excluded from mainstream banking and credit as well as those who want to control their spend or who are concerned about online fraud, the new Ukash Prepaid MasterCard card is available to anyone regardless of their credit status, and can be used instantly in its online form wherever MasterCard acceptance mark is displayed. Available in four currencies – GBP, EUR, PLN and USD and to residents of 29 countries.

In research commissioned by UKash ahead of the launch of their new Prepaid MasterCard, it was found that the budgeting benefits of prepaid cards were particularly important to consumers. 42% said the greatest benefit of a prepaid card is the fact that they have control of their spending. And nearly a quarter (23%) said that they felt a prepaid card was particularly useful to help parents teach their children about budgeting. 

Two versions and how to add funds

There are two versions of the Ukash Prepaid MasterCard card; an online only card and a physical card. No matter which version of the card is selected, the card number and 3 digit security code are issued instantly for immediate use online as soon as the user loads funds. Customers who opt for a physical card can use the online version of their card until their physical card arrives in the post. 

The Ukash Prepaid MasterCard card enables financial inclusion in seconds and, unlike other prepaid cards that are dependent on having access to a bank account to load money, funds can be added to the Ukash Prepaid MasterCard using a Ukash 19 digit code. This can be purchased with cash from the thousands of convenience stores and other outlets selling Ukash globally which, because they often operate outside traditional banking and retail hours, gives consumers real flexibility to load funds and then use their prepaid card just like any other debit or credit card holder. Users can also load their Ukash Prepaid MasterCard with cash at UK Post Offices or arrange for their employer to load their salary to the card each week or month.

CTMfile take: UKash’s new pre-paid card is another example of how cash payments are growing world-wide - this new service is available in 29 countries. In the North America the turnover of the leading provider of cash payments on the Internet trebled in 2013. For many years, if not forever, there will be a significant proportion of consumers who are unbanked and, as fraud concerns continue to increase, there will be significant demand for online cash payments. How much business are you losing by not accepting online cash payments?