Bank Invik & Payzone Plc Target The ‘unbanked’ Market With A New Pre-paid Card

PRLog (Press Release) - Dec 14, 2007 -
SMART TRANSFER Ltd., The joint venture between the Luxembourg-based Bank Invik and Payzone plc, have today announced the launch of a new pre-paid debit card, “payzone worldwide money”.  The new card is being trialled in London and the South East in the run-up to Christmas and will be rolled-out nationwide in Q1 2008.

The card is targeted at the estimated 3 million people in the UK that do not have a bank account and who are at increasing risk of being excluded from engaging in an increasingly card-based economy.  As banks tighten up on sub-prime lending a record 3.27 million credit card applications have been turned down in the UK between April and September this year, and the numbers of the ‘unbanked’ in the UK have been further swollen by the estimated 1.9 million immigrants now working in the UK, many of whom are from the new EU states such as Poland and Romania and who find it difficult to access traditional banking services.

A Mastercard-branded product, the payzone worldwide money card can be loaded with up to £350 in cash per transaction, with no credit checks.  One of the cheapest cards of its kind on the market, the re-usable card will cost £6.99 (from selected payzone network stores or online at www.payzonemoney.com) with loading costs of £4 for up to £100 and £8 for up to the maximum of £350.  Unlike other pre-paid cards there are no fees or charges for the use of the card online or in retail outlets and there are no monthly or annual account management or maintenance fees.

Sean O’Mara, Managing Director of SMART TRANSFER Ltd. explains: “Our new pre-paid debit card means that everyone in the economy – from the unbanked to new arrivals from overseas - can now shop online, take advantage of bargains on the high street and share money with friends and family overseas without risking fraud or getting into debt.”

The card can be used at MasterCard ATMs worldwide and there is a card replacement service if cards are lost  

For further information contact: Emily Mathewson or Duncan MacKenzie-Reid at MAX PR on 0208 334 5751 emily@maxpr-events.com / Duncan@maxpr-events.com

NOTES TO EDITORS:



Payzone Worldwide Money is a service set up by Smart Transfer Ltd., the joint venture between Payzone plc and Bank Invik. Through Bank Invik, Payzone Worldwide Money is partnered with MasterCard®. Payzone plc. is a leading European consumer payments and cash distribution network headquarted in Dublin, listed on the AIM market of London Stock Exchange and has  operations in 21 countries. Payzone™ is the largest branded consumer payments network in the UK with 30,000 retail locations across the country.

Bank Invik is a Luxembourg-based bank with operations in asset management, card operations, and corporate services, well known as an issuer of different credit cards and pre-paid cards. Bank Invik is a member of the Association of Banks and Bankers of Luxembourg.