Expanding its reach to a new consumer group, MasterCard has unveiled a new pre-paid MasterCard card for migrants in the UK who do not have a bank account.
According to the UK Home Office, over 427,000 migrants have entered the UK in the last two years. These consumers are unable to sign up for a UK bank account or credit card without providing details of their National Insurance number, employment or credit history.
MasterCard’s new ‘Unique’ pre-paid card, which was developed by Advanced Payment Solutions and is issued by Broadcastle Bank, has been designed specifically for this consumer group. MasterCard claims that it will provide users with many benefits of a credit card and bank account without the need for either.
The card works in a way very similar to a mobile phone top-up card, with the cardholder topping up their card from any of the 14,000 Post Offices nationwide with the desired amount of money. This allows the cardholder to spend the amount of money held in the card account, eliminating the risk of debt and interest payments.
With no credit checks made or employment history needed, users can use the pre-paid card for everything from buying petrol to internet shopping and mail order.
The card is accessible to anyone over the age of 18 and living in the UK. It comes with a one-off fee of GBP9.95 and then a monthly fee of GBP5.95.