Global Funding, the European subsidiary of Global Payout, has rolled out a Prepaid MasterCard with advanced chip and pin technology.

The card, which is based upon the EMV (Europay, MasterCard and Visa) standard is initially rolled out only in Europe.

Global Funding’s prepaid MasterCard, branded as Premier, will offer European registered companies a payroll card for their employees or independent contractors to receive payments.

According to the company, the new cards will offer a secure payment option and are widely accepted online, and in stores, restaurants and ATM machines globally.

"The issuance of these payroll cards offers an electronic means for employers or sponsoring companies to issue payroll and other recurring payments, eliminating the costs of checks, wires and cash disbursements," the company said in a statement.

Global Payout CEO Jim Hancock said, "Experts estimate there is approximately $3 trillion of cash and check expenditures that are ripe for electronic conversion."

"With our global reach, ability to make payments and automatic currency exchanges in all OFAC compliant countries, and the push for greater security, Global Payout intends to aggressively pursue the many major prepaid debit card opportunities utilizing chip and pin in Europe."

IDT Financial Services of Gibraltar is serving as the issuing bank for this card program.