Contis Group has been selected to power MoneyMona’s eCurrent account, Visa prepaid debit card and rewards programme, which provide basic financial services to the UK’s unbanked population.
MoneyMona’s digital current account and debit card will allow users to transfer essential funds into digital ‘envelopes’, helping unbanked account holders to control the family budget and put money aside for regular bills. Additionally, cardholders can generate cash back through purchases made in-store and online at a range of popular retailers. Users can also have multiple companion cards at once, enabling them to use the facility as a flexible and convenient joint account.
“Products like ours provide essential support to the 3.7 million people in the UK that don’t have access to, or simply don’t want, a traditional bank account,” comments Roy Welch, Managing Director of MoneyMona. “Our solution enables anyone that is outside the traditional banking system to set up standing orders, make secure payments and manage their money online quickly and conveniently, regardless of their financial status and credit history.”
Contis’ next generation Visa e-money platform has made it the partner of choice for unbanked prepaid issuers, as it can offer a wide range of services that are unavailable to other competitors, and its own eCard product has already proved successful. The total number of accounts operating on Contis’ platform has increased by 385% between June 2013 and March 2014, and the number of monthly prepaid transactions has rocketed by 339% over the same period.
MoneyMona joins a long list of high profile brands served by the Contis Group, including Ffrees, Virgin, Pizza Express, airBaltic and Empire Cinemas.
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