The UK-based payments technology company has been granted principal membership of MasterCard and will now be able to issue its own prepaid cards on its own e-money licence. The licensing will mean Tuxedo can operate lower costs.
MasterCard’s principal membership means Tuxedo has fulfilled the company’s requirements and capability barriers.
Tuxedo now aims to introduce several products in areas such as prepaid payments, global remittances as well as other niche payment fields. The products will be launched with Tuxedo’s own technology and on its own licence.
The move marks Tuxedo’s intention to expand internationally, having established a strong UK base. From 2006 it provided bespoke payment solutions to around 400 businesses.
It has now rolled-out payment services in the Europe, the US, Australia and UAE.
“This is another notably milestone for Tuxedo as we rapidly expand in territories around the world. By meeting MasterCard’s requirements we have demonstrated our stability as a business and will now be able to deliver our prepaid card programmes more efficiently and at a lower cost,” said John Sharman, chief executive of Tuxedo Money Solutions
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