
Partnered CQR Payment Group
MasterCard and CQR Payment Group have partnered up to deliver a new cash reload service to customers (view press release.) The service, rePower, launched on Friday 7th December, allows users to add cash on to their Mastercard or Maestro cards. Cardholders have the choice of two simple ways to add cash, either by voucher or cash payment, and the funds are available immediately. Vouchers can be redeemed online, and cash payments can be made at the sale terminal of any participating retail store, of which there are thousands.
CEO of CQR Payment Group, Edward Chandler, said: “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. MasterCard rePower is an enormous step towards creating a cashless society that is smarter, simpler and more secure for everyone.”
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more