Raphaels Bank and the UK Post Office have launched a prepaid MasterCard to provide an alternative to credit and debit cards.

The Post Office Money Card, designed to help customers budget, can be used to pay online or anywhere that accepts MasterCard and topped up at Post Offices, online, by SMS, over the phone or at one of the Post Office mobile vans which visit rural locations in the UK.

Andrew Downes, head of card services at Raphaels Bank said: "The launch of the Post Office Money Card is another significant step in the growth of prepaid cards in the UK.

"We are delighted to play an important role in the success of this innovative product and to work with such a well-known brand to bring the proposition to market and provide real benefits to the 17 m customers served by the Post Office per week."

The contract is the second that Raphaels has announced in a week, as the bank has also just teamed up with Transport for London (TfL) to launch a network of cash points at underground stations dispensing both sterling and Euros.

The cash points will be installed at 70 underground stations across the London transport network and offer sterling withdrawals free of charge for UK cardholders, while Euros withdrawals will be commission free and at competitive exchange rates.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Beth Williams, head of ATMs for Raphaels Bank, said: "Building on our existing estate of ATMs in key London travel hubs, Raphaels Bank is delighted to be working with TfL to serve the 4m daily users of the Tube."


Related articles:

TfL and Raphaels Bank team up for Euro cash points

NatWest and RBS partner with Post Office to extend banking services in UK

UK Post Office expands current accounts offering to additional 81 branches