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Press Release

MasterCard® launches MasterCard® rePower® in Europe with CQR Payment Group

CQR’s Kalixa prepaid card is the first that can be loaded using MasterCard rePower

London, UK, 7th December 2012 – The MasterCard rePower service that transforms cash into electronic money on a prepaid account was launched today in Europe. The cash reload service which is provided by CQR Payment Group is now available in the UK with other European markets to follow in coming months.

MasterCard rePower is the quick and easy way to add cash to eligible MasterCard or Maestro prepaid cards. The card can be topped-up safely, reliably and securely by using vouchers (available at thousands of participating UK retail locations) that are redeemed on the MasterCard rePower website.  The funds are immediately available to the cardholder to spend wherever MasterCard or Maestro cards are accepted.

MasterCard has partnered with CQR Payment Group to provide acquiring, processing and customer services as well as a dedicated MasterCard redemption website. Vincento, part of CQR Payment Group, is the first issuer enrolled for the MasterCard rePower solution. CQR’s Kalixa prepaid card is the first prepaid programme that can be loaded in the UK via the MasterCard rePower service.

Depending on the country, the MasterCard rePower solution will offer cardholders with two simple, accessible and secure ways to load cash:

  • Voucher: Cardholders convert cash onto a Ukash voucher which can then be redeemed online at www.mastercardrepower.com. Once the voucher is redeemed, funds are instantly available for the cardholder to spend wherever MasterCard is accepted

  • Card: Cardholders provide the retailer with an eligible MasterCard prepaid card and the cash to be loaded, the card is inserted into the point of sale terminal as if it were a regular purchase transaction. The transaction is approved, the card is returned to the cardholder and funds are immediately credited to the card

“Cash is costly, inconvenient and insecure for consumers, businesses and the wider economy. By enabling the quick and easy conversion of cash into prepaid funds we are helping to drive cash out of the circulation,” said Ed Chandler, CEO of CQR Payment Group. “MasterCard rePower is an enormous step towards creating a cashless society that is smarter, simpler and more secure for everyone.”

“We’re confident MasterCard rePower will be a success   and are looking forward to working with MasterCard as they roll out the MasterCard rePower solution into other European countries,” continued Chandler. 

Matt Lanford Head of Prepaid at MasterCard Europe added: “By enabling cash electronification to take place at a far wider range of merchants or online, MasterCard is creating a series of environments where prepaid can be disruptive to the normal flow of cash in our society and where those people bound to cash can take advantage of the security, convenience and control offered by prepaid.”

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About CQR Payment Group 
Founded in 2007 and with ten years of industry experience, CQR Payment Group is one of the largest providers of payment services in the world. In the last year, CQR processed transactions worth €2.5 billion for more than 300 merchants and 90 of the world’s most popular payment methods. It has offices in Vienna and London, with more than 100 employees from 25 nations.

In 2011, CQR obtained MasterCard and Visa acquiring licenses which allowed it to launch a complete card acquiring offering in addition to its existing issuing and processing services.

Vincento Payment Solutions Ltd, a prepaid card provider and part of the CQR Payment Group, became the only pan-European prepaid MasterCard issuer in 2010. Vincento powers the award-winning Kalixa prepaid card which is available in four European countries

CQR UK Payment Solutions Ltd. and Vincento Payment Solutions Ltd., part of CQR Payment Group, are authorised and regulated by the FSA in the UK.

For more information please visit: http://www.cqrpayments.com/    

About MasterCard
MasterCard (NYSE: MA), http://www.mastercard.com/, is a global payments and technology company. It operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news.

For further information, please contact:
Sarah Wilson, CCgroup for CQR Payment Group
Tel 020 731 345 94
sarah.wilson@ccgrouppr.com

James Page, Weber Shandwick for MasterCard
Tel +44 (0)20 7067 02
jpage@webershandwick.com