Prepaid card provider Tuxedo Money Solutions
has partnered with social and financial business solutions company
Fair Advantage to launch an e-quality prepaid MasterCard to
increase financial inclusion in the UK.
The card has been developed to become a long
term solution to economic problems that beset poorer neighborhoods
and aims to improve social and financial well-being, facilitate
entry to employment and create financial stability for those who
are unbanked or frequently affected by bank charges and debt.
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The E-quality prepaid MasterCard is expected
to be promoted through housing associations, credit unions and
local authorities in an effort to increase financial inclusion for
tenants and leaseholders and streamline payment systems.
“We recognised that there was a need to
simplify both housing associations and credit unions’ payment
processes and were disappointed at the lack of innovation and
practical applications on offer,” said Jenny King, a spokesperson
for Fair Advantage.
“The Equality prepaid MasterCard is simple and
straight-forward solution to money management and can make a major
contribution towards social and financial well-being, entry to
employment and financial stability for people who are unbanked or
poorly banked.”
The card is said to have been developed in
tune with the ‘behavioural economics’ thinking, which provides
incentives and rewards to promote economic activity, self-reliance
and financial inclusion.
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