MasterCard rePower service
MasterCard is partnering with CQR Payment Solutions to launch a voucher-based version of its MasterCard rePower service in Europe (view press release). MasterCard rePower will allow MasterCard prepaid cardholders to load cash at merchant locations across the continent via two models. The first works when a merchant converts a cardholder’s cash onto an Ukash voucher which can then be redeemed online. When the voucher is redeemed, funds become available to spend anywhere MasterCard is accepted. The second occurs when a cardholder gives a MasterCard prepaid card and the cash to be loaded to the merchant, who insert the card into the POS terminal just like a regular purchase transaction. The transaction is then approved and the card is returned to the holder, with funds credited onto the card immediately.
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