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UKash and MasterCard Sign Deal

June 22, 2009

Homepage > Online Casino News > UKash and MasterCard Sign Deal

Ukash is a financial service provider to online casinos. The advantage of using Ukash is that consumers can pay cash at the Ukash outlets for a PIN code, which can be used to deposit funds at many online casinos. Ukash is based in the United Kingdom and is regulated by the Financial Services Authority. MasterCard is one of the leading credit card companies globally.

MasterCard is set to launch a new service called MasterCard rePower. This service will allow MasterCard consumers to load cash onto their MasterCard and Maestro prepaid cards at point of sale locations. This is where Ukash enters the scene. Ukash has a global network of 275,000 physical issuing points most of which are located in the United Kingdom and in Europe. Through these outlets Ukash processes millions of transactions every year with an annual turnover of more than Euro 100 million. This deal between Ukash and MasterCard will allow the MasterCard cards to be loaded at Ukash outlets. This mechanism will enable MasterCard credit card holders to continually deposit funds at online casinos without going through normal banking services.

To start with Ukash will offer this service to MasterCard card holders in the United Kingdom. Then it will extend this service across Europe through the various partners it has in different European countries. The process for loading the credit cards is very simple. The consumers pay cash at the Ukash outlets. Their cards are then swiped and are loaded with the amount of cash paid. These cards can then be used to deposit funds at the online casinos in the usual way. The cards can also be used to make other online purchases or purchases at land based outlets. There are several benefits of this system. Some of them are immediate loading of credit cards in real time, loading credit cards at several locations and trust and security of the MasterCard brand.

Mark Chirnside, chief executive officer of Ukash, said, “Partnering with MasterCard for the launch of MasterCard rePower is a very significant step for Ukash. It is one of several markers that Ukash is now a major player in the global prepaid industry, with our rate of growth in volume and geography both moving at significant pace.” He attributed the growth and popularity of Ukash to a shift in consumer behavior. Gone are the days that people would spend first on credit and pay later. Today the public is looking at prepaid financial products so as to maintain control over their spending. At the same time they want safe and secure products to shop online. Chirnside said that Ukash is filling this need by working with prepaid partners to offer voucher based reloads to their products.

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