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MasterCard launches pay-as-you-go plastic

People with no bank accounts targeted...

Tags: cashplus, pay-as-you-go, mastercard

By Dan Ilett

Published: 23 September 2005 17:20 BST

MasterCard has released a pay-as-you-go plastic card for people with no bank accounts who want to make internet and phone payments.

The card, which requires no credit checks to obtain, is interest free and allows the owner to spend only what has been paid onto it in advance.

Advanced Payment Solutions partnered with the firm to launch the card, Cashplus, which can be used for withdrawing money from ATMs.

In a press statement, Rich Wagner, CEO for MasterCard's advanced payment solutions, said: "Cashplus offers a secure payment facility for the millions of unbanked Britons. It gives them access to ATM machines. It can be used globally and offers payment options previously unable to them, such as online bill payment."

There is an initial fee and monthly subscription for the card.

Prepaid cards are already in use in the US.

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