Social housing & community finance providers benefit from the launch of the E-quality prepaid card

April 5, 2011 - PRLog -- Fair Advantage, an organisation providing social and financial business solutions, has partnered with leading prepaid card provider Tuxedo Money Solutions to offer its clients and support staff a new, safe and convenient payment solution in the form of an E-quality card.

The E-quality prepaid MasterCard will 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.

Fair Advantage and Tuxedo have developed the E-quality card as a long term solution to the economic problems which beset many poorer neighbourhoods.  The card 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.

The E-quality card works like a debit or credit card but has the added advantage of only being able to spend what you load onto the card. It greatly facilitates all types of shopping, including mail order and online and provides discounts and cashback from over 2,000 top retailers.
The new E-quality card has been developed in tune with the new ‘‘behavioural economics’’ thinking which provides incentives and rewards to promote economic activity, self-reliance and financial inclusion. The unique system of a combined card and a secure online Tuxedo eccount can be effortlessly integrated into the user’s normal ways of working.
Jenny King from Fair Advantage commented: “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. 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.”
John Sharman, CEO of Tuxedo Money Solutions, added: “We are very excited to be working with Fair Advantage on a prepaid card that is so vital to helping communities to use the card as an aid to help them avoid getting into debt by facilitating their ability to budget more effectively.  Being such an easy-to-use and secure method of payment, the Tuxedo MasterCard Prepaid Card is an obvious solution for carers helping individuals to manage their money.”

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MasterCard and the MasterCard Brand Mark is a registered trademark of MasterCard International Incorporated. Cards are issued by Newcastle Building Society ("NBS") pursuant to licence by MasterCard International. NBS is authorised and regulated by the Financial Services Authority as an issuer of e-money (registration no. 156058).

Media contacts:
For further information about Tuxedo Money Solutions and the Tuxedo MasterCard® Prepaid Card contact Tom Nutt or Lizzie Linton at The Communication Group plc on 020 7630 1411 or email tnutt@thecommunicationgroup.co.uk or llinton@thecommunicationgroup.co.uk  

For further information about Fair Advantage please contact Jenny King on 07740 913 563 or Jenny.king@fairadvantage.co.uk
 
Notes to Editors:
The  Tuxedo  MasterCard Prepaid  Card  is  a  registered  trademark  of  MasterCard  International Incorporated.  The  card  is  issued  by  Newcastle  Building  Society  (“NBS”)  pursuant  to  license  by
MasterCard International Incorporated.  NBS is authorised & regulated by the Financial Services Authority as an issuer of e-money (registration no. 156058). MasterCard is accepted at over 30 million locations worldwide including 1.5 million ATMs.
 
What is a prepaid card?  
A prepaid card works like a debit card, except it is not linked to a bank account. Money needs to be loaded onto the card before any purchases can be made. The Tuxedo MasterCard® Prepaid Card is fully regulated, and is subject to KYC (Know your Customer) which ensures that the applicant is over 18 and has a UK address.

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About Tuxedo:
www.tuxedomoneysolutions.com

Tuxedo Money Solutions is a leading prepaid card provider and has been operating in the UK prepaid market since March 2007. Tuxedo’s core business is delivering white label and co-branded prepaid card programmes for its partner brands.

Tuxedo’s strengths lie in the technology that underpins the operation and its expertise in operating and marketing successful card programmes under the partnership model.

Current partners include Sainsbury’s, Tesco, Endsleigh and the AA. Tuxedo also operates as a financial technology business, licensing its leading eccount platform internationally.

About Fair Advantage:

The team at Fair Advantage have a track record, developed over the past six years, of delivering robust financial inclusion measures including new start credit unions, mergers and expansions and in strategic development of advice services, including debt and money advice. www.fairadvantage.co.uk