CQR’s Kalixa prepaid card is the first that can be loaded using MasterCard rePower

London, UK, 7th December 2012 – The MasterCard rePower service that transforms cash into electronic money on a prepaid account was launched today in Europe. The cash reload service which is provided by CQR Payment Group is now available in the UK with other European markets to follow in coming months.

MasterCard rePower is the quick and easy way to add cash to eligible MasterCard or Maestro prepaid cards. The card can be topped-up safely, reliably and securely by using vouchers (available at thousands of participating UK retail locations) that are redeemed on the MasterCard rePower website.  The funds are immediately available to the cardholder to spend wherever MasterCard or Maestro cards are accepted.

MasterCard has partnered with CQR Payment Group to provide acquiring, processing and customer services as well as a dedicated MasterCard redemption website. Vincento, part of CQR Payment Group, is the first issuer enrolled for the MasterCard rePower solution. CQR’s Kalixa prepaid card is the first prepaid programme that can be loaded in the UK via the MasterCard rePower service.

Depending on the country, the MasterCard rePower solution will offer cardholders with two simple, accessible and secure ways to load cash:

Voucher: Cardholders convert cash onto a Ukash voucher which can then be redeemed online at www.mastercardrepower.com. Once the voucher is redeemed, funds are instantly available for the cardholder to spend wherever MasterCard is accepted

Card: Cardholders provide the retailer with an eligible MasterCard prepaid card and the cash to be loaded, the card is inserted into the point of sale terminal as if it were a regular purchase transaction. The transaction is approved, the card is returned to the cardholder and funds are immediately credited to the card

“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,” said Ed Chandler, CEO of CQR Payment Group. “MasterCard rePower is an enormous step towards creating a cashless society that is smarter, simpler and more secure for everyone.”

“We’re confident MasterCard rePower will be a success   and are looking forward to working with MasterCard as they roll out the MasterCard rePower solution into other European countries,” continued Chandler.

Matt Lanford Head of Prepaid at MasterCard Europe added: “By enabling cash electronification to take place at a far wider range of merchants or online, MasterCard is creating a series of environments where prepaid can be disruptive to the normal flow of cash in our society and where those people bound to cash can take advantage of the security, convenience and control offered by prepaid.”