The event took place in Lisbon this year, and attracted delegates from as far afield as Russia to discuss the "world beyond cash" to which we all must aspire.
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From the war on cash to the world beyond cash, it is fair to say that MasterCard has softened its attitude to that most resilient of foes. Indeed, one of the standout announcements at the event was the roll-out of the network’s rePower solution in Europe.
rePower enables prepaid card-holders to reload their cards with cash at retail outlets. rePower’s aim is to give consumer better, more convenient access to MasterCard’s reload network. Strategically, this is good news for issuers of open loop prepaid products, whose customers will have more opportunities to electronify their cash – should they wish to.
UK prepaid voucher provider Ukash is providing the reload network. Ukash has, for some time, been offering MasterCard products that can be reloaded with Ukash vouchers. But the rePower solution is undeniably neater. Uptake of the service is likely to vary wildly from market to market. Consumers in some geographies will be confused by the proposition. However, as Ukash has itself proven, there is a significant market for "electronifying" cash for online spending.
Prepaid Summit reaches Prague
MasterCard’s Head of Prepaid for Europe Matthew Lanford and Ukash CEO David Hunter will be on stage together at the forthcoming Prepaid Summit Europe in Prague. As well as looking at the opportunities that exist for prepaid issuers in Central & Eastern Europe, there will be a number of universally important issues on the table.
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By GlobalDataThe prepaid sector is reaching maturity, in certain verticals at least, in markets across Europe. However, there are few products that can be easily replicated in different geographies (closed loop transit programmes being the obvious exception). Instead, programme managers have their work cut out, getting to grips with local regulatory environments, and consumer requirements.
This inevitably increases the pressure on local retailers, well-positioned to bring the products to market (see page 14). That is not to mention the local banks, which far from being able to take an easy back seat BIN sponsorship role are finding themselves increasingly at the forefront of designing and issuing open loop products, and in many cases have started to see some reward for doing so. Particularly rewarding in face of tumbling profits on credit portfolios.
Central & Eastern Europe is providing challenges and opportunities in equal measure. In this issue we take a look at the landscape, specifically in terms of loyalty programmes, a key aspect of prepaid.
