Raphaels Bank Card Services has announced it has secured a significant contract with The Post Office to issue a new prepaid MasterCard, the Post Office Money Card.
The Post Office Money Card targets both existing Post Office customers and new prospects through a major marketing campaign.
Providing an alternative to the traditional bank account associated debit and credit cards, the Post Office Money Card has also been designed to help consumers budget effectively as only the amount loaded to the card by the customer can be spent.
Andrew Downes, Head of Card Services at Raphaels Bank said: “The launch of the Post Office Money Card is another significant step in the growth of prepaid cards in the UK. We are delighted to play an important role in the success of this innovative product and to work with such a well-known brand to bring the proposition to market and provide real benefits to the 17 m customers served by the Post Office per week.”
Alan Smith, Head of Payments & Banking Services at the Post Office, said: “This is part of the Post Office’s ambition to drive growth in its financial service business as well as challenging the market by offering customers a real alternative to other providers. Raphaels Bank, as a trusted prepaid card manager and issuer for a number of major consumer brands was the natural choice as the partner for the launch of the Money Card. Their experience and expertise in the prepaid card market will help ensure we can deliver on our ambitions.”
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