Belgian cooperative society NewB has selected European e-money issuer Prepaid Financial Services (PFS) to roll out its first product line, a prepaid MasterCard.
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The NewB prepaid card, under the GOODPAY label, will be available to customers in both physical and virtual versions.
The card has been manufactured using a renewable material, known as polylactic acid, which is obtained from non-genetically engineered corn.
Users can deactivate and reactivate their own card and parents can monitor the spending of minors.
The new prepaid card is free as long as a minimum of one payment is made per month. Payments and loading the card are free by transfer or standing order.
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By GlobalDataNewB managing director Dirk Coeckelbergh said: "We chose to work with Prepaid Financial Services because not only do they have a heritage in delivering successful prepaid card programmes across Europe including working directly with other challenger banks, but also their management is extremely business minded, open for ethical evolutions and dares to go beyond traditional boundaries."
