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2008
October
PAYBEFORE NEWS
TUXEDO MONEY OFFERS MOBILE APPLICATION TO MANAGE PREPAID ACCOUNTS
Tuxedo Money Solutions, a U.K.-based prepaid card provider, today announced it has introduced a mobile application for managing prepaid card accounts. Tuxedo’s Mobile eccount enables cardholders to use their mobile phones to check balances, make transfers from one Tuxedo card account to another, block or cancel a card that has been lost or stolen or view “mini statements” via text message, phone or online, according to a press release. Tuxedo is offering the service free for a trial period and intends to charge £1 ($1.77) a month for customers who choose to retain the service after the trial, the statement said. “The market for prepaid cards spans all demographics, including those who prefer not to use the Internet, do not have access or are simply on the move,” Colin Loubser, chief marketing officer of Tuxedo said. “We are dedicated to extending the universal availability of our payment solutions to new, emerging and underserved markets.” Loubser also said enhanced functionality would be coming to the mobile application soon including the ability for users to top up their prepaid card from their phone.
September
FINANCIAL TIMES
EXPENSES CAN PROVE EXPENSIVE FOR BUSINESSES
Medium-sized businesses could be loosing thousands of poinds by not having the right expense-related administration, Tuxedo Money Solutions has claimed.
Tuxedo, a prepaid solutions provider, said employees spent up to two hours a month dealing with expense-related administration work.
The tendency for businesses to expect employees to pay for expenses on their personal credit card and then claim the funds back from the firm were partly to blame, Tuxedo said.
A prepaid card could save businesses thousands of pounds a year, claimed Mark Simon, Chief Executive.
"The opportunities for businesses to use prepaid cards are tremendous - not only for expenses and payroll but also for compensation payments, incentives, rewards and other time-and-money saving business needs," he said.
Tuxedo leads the Prepaid industry with the unique and exclusive Mobile
eccount® solution - managing money on the go
Tuxedo Money Solutions announced the official launch of its Mobile eccount today – another market first for one of Europe’s most innovative prepaid service providers.
Following the success of Tuxedo’s prepaid card products and the unique eccount technology platform, Tuxedo has introduced a mobile phone application that gives users easy access to their eccount and card/s directly from their handset.
The eccount functionality, already enables customers to manage and control their money 24 hours a day with the flexibility for users to check balances, hold funds off their card and link multiple cards and services - controlling them via SMS, telephone or online. Cards can also be instantly blocked and unblocked or cancelled if lost or stolen.
The new Mobile eccount is a simple download application that customers self provision to their handset from their online eccount or by contacting customer care.
The Mobile eccount enables them to enjoy the benefits of being able to manage and control their money whilst on the go - in the UK and abroad – anywhere mobile networks offer WAP, GPRS or 3G access.
The technology is secure and simple to use. It offers users fast access to their eccount directly from their mobile through a passcode protected, intuitive, ‘scroll and click’ menu on their handset. In addition to the features already offered by the eccount, users can also view mini statements and move funds from their eccount or card to another card instantly in real time.
The Mobile eccount works on all major UK mobile networks and is compatible with 95% of the handsets currently available in the UK. It is based on the multi-award winning technology that powers the mobile banking and payments solution for the customers of First Direct, HSBC, NatWest, Royal Bank of Scotland, Ulster Bank and Lloyds TSB.
The Mobile eccount is offered with a 30 day free trial and costs just £1/ per month thereafter for unlimited use.
Colin Loubser, Chief Marketing Officer of Tuxedo Money Solutions said: “After a long period of development and testing, we are delighted to be the first prepaid service provider to offer the ultimate mobile based money management service to our customers. We are also excited about new services that will be made available on our customers’ mobile phones in the next few months, including mobile Top-ups and other instant payment options.”
Loubser added that “The market for prepaid cards spans all demographics, including those who prefer not to use the internet, do not have access, or are simply on the move. We are dedicated to extending the universal availability of our payment solutions to new, emerging and underserved markets. Technology like the Mobile eccount will continue to revolutionise the way businesses and consumers make payments and significantly enhance the user experience of prepaid.”
Currently no other prepaid service provider or programme manager offers functionality similar to the eccount. Many still rely on legacy technologies built for debit and credit card services and adapted for prepaid. Tuxedo believes that a ‘cardholder services’ approach alone cannot deliver the access, quality or breadth of user experience required by prepaid customers to manage and control their money effectively.
PAYBEFORE NEWS
TUXEDO MONEY OFFERS MOBILE APPLICATION TO MANAGE PREPAID ACCOUNTS
Tuxedo Money Solutions, a U.K.-based prepaid card provider, today announced it has introduced a mobile application for managing prepaid card accounts. Tuxedo’s Mobile eccount enables cardholders to use their mobile phones to check balances, make transfers from one Tuxedo card account to another, block or cancel a card that has been lost or stolen or view “mini statements” via text message, phone or online, according to a press release. Tuxedo is offering the service free for a trial period and intends to charge £1 ($1.77) a month for customers who choose to retain the service after the trial, the statement said. “The market for prepaid cards spans all demographics, including those who prefer not to use the Internet, do not have access or are simply on the move,” Colin Loubser, chief marketing officer of Tuxedo said. “We are dedicated to extending the universal availability of our payment solutions to new, emerging and underserved markets.” Loubser also said enhanced functionality would be coming to the mobile application soon including the ability for users to top up their prepaid card from their phone.
August
MONEY MARKET MAGAZINE
To view the coverage click here
July
Every Investor.co.uk
CRUNCH YOUR CREDIT TO BEAT THE INFLATION BLUES
Costs are rising faster than salaries, pushing many bank balances ever closer to that red precipice.
The problem with current accounts is you often aren’t aware that you’ve dipped into your overdraft until you receive your month-end bill, and by that time you’ve already racked up a load of interest and fees.
In most instances you wouldn’t have made that transaction in the first place if you’d known it would push you into the red. At the very least, some kind of instant notification would have been nice so you could have made an informed decision.
That’s why prepaid cards can be a great help, as they don’t allow you to go overdrawn. True, they don’t pay interest and the transaction fees can be higher than current accounts, but for the cash-strapped household, the ability to better control your finances can prove a far greater benefit.
Choose a card carefully
Much like mobile phone deals, prepaid cards come in pay-as-you-go (PAYG) or pay monthly varieties. As a general rule, the latter charges lowers fees for transactions, top ups, etc than PAYG, so the card you go for depends on how often you’re going to use it.
It may seem like a strange idea, switching to a card you have to pay for every month in order to control your finances. But when you consider the massive overdraft charges bank hit you with for going just 1p over the limit, that fee suddenly seems a lot less important.
Besides which, there is the very real possibility that banks will soon be charging monthly fees on standard accounts anyway.
Do your homework
Once you’ve decided between a pay monthly or PAYG card, make sure you take the time to compare the various providers’ deals as the relative competitiveness of each will depend greatly on how you plan to use it.
For example, both Cashplus and Tuxedo offer a £4.95 pay monthly card. Cashplus will charge you £2 for every withdrawal but allows you to top up your funds for free. Conversely, Tuxedo charges just 50p for withdrawals but up to 3% for top ups.
So if you’re confident you’ll be able to top up once at the start of the month and spend sparingly throughout the month, it makes sense to opt for the Tuxedo card.
But if you aren’t financially prudent and tend to wipe out your balance in a matter of days, you’ll need to top up your card with smaller amounts every week, and thus the Cashplus card is the one to go for.
To be used in conjunction with a budget
While there’s no doubt using a prepaid card makes you more aware of the money you spend, you can’t expect to just switch to one and instantly save loads of money.
Rather, the prepaid approach works best when used in conjunction with a strict budget. No, this isn’t much fun, but then again neither is stressing about making ends meet.
These two tools are extremely complementary when it comes to cutting costs: A budget shows you how to spend less, and a prepaid card makes it impossible to go over that budget.
Attention to detail
Don’t just jot down your big monthly outlays when drawing up a budget. Take note of every coffee and chocolate bar you buy as well.
Ideally, you should note your expenditure over a period of a few months in order to get an accurate reflection of your finances – your gas bill will be far higher in the winter than the summer, for example – but if you don’t have the time (or inclination), a shorter timeframe is fine.
Now put together your budget, noting all your income and expenses. Be sure to split it into various sub-sections, such as ‘home’, ‘transport’ and ‘entertainment’ (click here to view an example of an online budget). This makes it easier to identify the areas that you’re overspending on.
PAYBEFORE NEWS
TUXEDO: BUSINESSES CAN CONTROL EXPENSES THROUGH PREPAID CARDS
Tuxedo Money Solutions announced today that it has conducted research that finds employees at medium-sized businesses spend 24 hours each per year dealing with administration related to expense management. The London-based prepaid card provider said in a press release that using prepaid products designed to pay and manage their employees’ expenses was one way for businesses to reduce the time and cost associated with administrative tasks. “The opportunities for businesses to use prepaid cards to enable payments are tremendous not only for expenses and payroll, but also for compensation payments, incentives, rewards and many other time-and money-saving business needs,” said Mark Simon, Tuxedo’s CEO.
June
May
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The Times partners Tuxedo on pre-paid card
02.05.08
April
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Tuxedo launches The Times card exclusively with PayPoint
30.04.08
Tuxedo Money Solutions, the UK’s leading programme manager in prepaid cards have launched The Times MasterCard® prepaid card and eccount® service with PayPoint, the UK’s leading convenience retail bill payment network. The card will ensure that The Times readers will enjoy safer online shopping, cheaper travel money and general spending options while controlling their money.
The product also features up to 15% cashback when shopping at over 1000 online merchants The Times card will be advertised through the newspaper and customers can apply by phone or online at www.thetimes.co.uk/prepaidcard. The cost of the card is only £12.00. For launch, the card will also offer £5 cash back on the first load of credit (minimum £12) when the customers buys the card on the phone. Customers buying online will receive £7 cash back.
PayPoint has been chosen as the exclusive electronic top-up partner enabling consumers to top-up their Times cards at over 19,000 outlets nationwide. PayPoint retailers will earn a commission on all top-up and load transactions.
Mike Igoe, PayPoint’s Retail Director commented: “We are delighted to be adding the The Times card to our extensive range of prepaid card schemes available for top-up at PayPoint. With high profile advertising of the card to over 870,000 readers in The Times daily, this is further good news for PayPoint retailers as customers will be visiting our agents to load credit on a regular basis.”
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Times offers prepay card
28.04.08
http://www.guardian.co.uk/media/2008/apr/28/thetimes.pressandpublishing
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The Times launches prepaid card encouraging readers to look after their money
25.04.08
The Times, Britain’s most established quality daily, is offering readers a prepaid MasterCard® which will give them more control over how they manage their money by reducing the need to carry cash, providing a more secure way to shop online and offering a safer way to spend money abroad.
The Times MasterCard® Prepaid Card, powered by Tuxedo Money Solutions, the UK’s leading prepaid card provider, benefits from all the functions of a plastic card, but differs from traditional credit or debit cards by allowing users to “top up” money onto the card as and when they need it, happy in the knowledge that once a purchase is complete the card details are of no use to a fraudster.
The deal between Tuxedo and The Times signifies the growing interest in prepaid cards as modern consumers look to change their spending habits to have greater control and security over how they manage and spend their money.
With a Times prepaid MasterCard, up to £5,000 can be held in a secure online “eccount” from where it can be safely moved by text, internet or phone on to The Times card when it is required. According to recent figures released from the Association of Payment Clearing Services (Apacs), there was a 25% rise in the fraudulent use of UK credit and debit cards last year.
The card also features chip and pin, giving complete security for internet use, everyday banking and as a worldwide travel card with access to 1.3 million ATM’s and 25 million merchants. Up to £500 can be withdrawn from ATM’s daily.
Cardholders can share money with friends and family in the UK or abroad, using the eccount service to transfer funds between different cards within the same eccount. In addition the card offers great value on exchange rates and foreign ATM charges when outside of the UK – ideal for travel money.
The eccount® is designed for easy and safe card management and allows you to text instructions via your mobile phone including “block” to lock your card, “unblock” to re-activate your funds and “lost” or “stolen” to stop all use. You even get free SMS alerts sent to your phone when your card balance is low and needs topping-up.
The Times will market the new card in newspapers and on their website. Times readers applying for the card will receive a welcome letter, a user guide and a card personalised in their name, all priced at £12. However they will receive a £7 cash-back on the first load, making the effective price only £5.
Mark Simon, CEO of Tuxedo Money Solutions said: "By partnering with The Times we can explain the benefits of prepay to a target audience that have very real concerns over the safety of their money when shopping online and whilst travelling - our industry leading eccount solution is just what is needed."
The growth of pre-paid cards across Europe has been dramatic as more people realise the benefits of money management with latest figures available show there will be around 2.3 billion pre-paid card transactions taking place in Europe by 2010.
The Times card is the third such partnership between News Corporation and Tuxedo Money Solutions. Last year Tuxedo teamed up with The Sun and the News of the World newspapers to launch two co-branded prepaid cards for readers.
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Tuxedo, UK Travel Agency Issue Prepaid Card For Young Travelers
22.04.08
United Kingdom-based STA Travel, which provides travel services for students and other youth, will offer a MasterCard-branded prepaid card, according to Tuxedo Money Solutions, the UK-based prepaid card firm working with the travel agency.
The cards, issued by UK-based Newcastle Building Society, mark Tuxedo's entry into the travel market, a Tuxedo spokesperson tells CardLine Global. Ten thousand cards have been printed, the spokesperson says. Cardholders can store up to £5,000 (US$9,900 or 6,200 euros) in online "eccounts" maintained by Tuxedo. Customers can move funds to the cards via phone, Internet or text messages. The cards have chips and require consumers to enter PINs. Customers can use the cards to withdraw up to £500 daily from ATMs, Tuxedo says. Cardholders can have up to five cards under a single account.
Cardholders outside the UK will pay £2.25 per ATM withdrawal and nothing for other transactions, the spokesperson says. In the UK, cardholders will pay £1.50 per ATM withdrawal and 2.95% of the amount for other transactions, though that fee is capped at £1.50.
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Student travel firm STA teams with Tuxedo to launch pre-paid MasterCard
21.04.08
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Student travel firm STA teams with Tuxedo to launch pre-paid MasterCard
21.04.08
STA Travel, the world leader in travel for students and young people, has teamed up with Tuxedo Money Solutions, the UK's leading prepaid card provider, to launch an STA Travel branded prepaid MasterCard, giving young people a safer and easier way to manage, control and spend their money abroad.
With an STA Travel Cashcard, up to £5000 can be held in a secure online "eccount" from where it can be safely moved onto the card by text, via the internet or by phone, as and when it is required.
The eccount is designed for easy and safe card management and allows you to text instructions via your mobile phone including "block" to lock your card, "unblock" to re-activate your funds and "lost" or "stolen" to stop all use. You even get free SMS alerts sent to your phone when your card balance is low and needs topping-up.
The partnership between Tuxedo and STA Travel signifies the growing interest in prepaid cards as modern consumers look to change their spending habits abroad. Prepaid cards are a safer alternative to cash and bank cards when travelling, and less hassle than using traveller's cheques.
The card features chip and pin, giving complete security for internet use, everyday banking and as a worldwide travel card with access to 1.3 million ATM's and 25 million merchants. Up to £500 can be withdrawn from ATM's daily and the card offers great value on exchange rates and foreign ATM charges.
All customers will receive a second card free (either for a second holder or in the event that one is lost) plus have access to the eccount enabling them to hold money securely 'off' the card.
Up to five cards can be placed under one eccount, meaning money can be transferred from card to card via a text, ideal for families or friends abroad. It also gives parents the ability to credit their son or daughters card over the web from home should they run out of money while they are away. This is a great benefit to young travellers, many of whom travel on a tight budget.
Customers applying for the card will receive a welcome letter, a user guide and a card personalised in their name, all priced at £9.95.
Transaction fees abroad are free, while ATM withdrawals cost £2.25. In the UK, charges per transaction are 2.95%, capped at £1.50 and ATMs withdrawals are at the reduced rate of £1.50."
"Using cards abroad can be expensive so we have worked with Tuxedo to ensure that we keep the fees as low as possible, making this not only a secure way to hold your money but also a cost effective way," said Ian Swain, Product Director at STA Travel.
Mark Simon, CEO of Tuxedo Money Solutions said: "From this week, UK students will be able to travel and spend anywhere in the world using their STA Travel Prepaid Card, confident that their funds are secure and can be topped up from home when necessary. STA Travel has built the world's largest travel company for students and young people and we are very proud they chose Tuxedo as their partner to provide the best possible prepaid travel product on the market."
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The Emergence of the Smarter Spender – Are Overdrafts A Thing Of The Past?
April 08
One in five people want to dig themselves out of debt in the next 12 months. This shifting attitude was revealed in research conducted by the Pre-pay market leader Tuxedo Money Solutions and shows the extent to which people are prepared to go, to get their finances back in shape.
The study of over 1,000 people in the UK also revealed some interesting shopping trends and a growing penchant for smarter spending.
Over 70% of those surveyed said they had bought second hand products within the last six months and were very proud of the fact. One in two people said they were far less brand conscious and 65% said they were much more inclined to shop around to compare prices.
The emergence of this “Smarter Spender” mirrors developments within consumer society and partly explains the growth of pre-paid cards across Europe. Latest figures available show there will be around 2.3 billion pre-paid transactions taking place in Europe in 2010 involving a spend exceeding £50.7 billion, and that pre-paid card usage will increase by a further 110% over the next five years¹.
A Tuxedo MasterCard® or Tuxedo Maestro prepaid card is easy to use and offers the same convenience of a credit or debit card. The difference is that the money available in your prepaid ‘eccount®’ is the money you have to spend. This means there is no risk of an overdraft or running into debt. There are no credit checks and no interest to pay and you stay in complete control of your finances.
You can use a Tuxedo Card to make purchases wherever MasterCard® or Tuxedo Maestro is accepted - that’s over 25 million locations worldwide. You can also make secure transactions by phone or over the internet. In addition you have the ability to withdraw your money from cash machines (ATMs) worldwide.
With an estimated 3.5 million people expected to have a credit card debt of more than £1,812², it is no surprise that pre-pay cards like Tuxedo’s are viewed as a smarter option.
Reference:
1. Payment Systems Europe
2. Reference link
March
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Tuxedo Money Solutions Win Prepaid Marketing Awards On Both Sides Of The Atlantic
07.03.08
Tuxedo Money Solutions, the UK’s leading prepaid card company, has taken a double sweep at the two biggest card award events in UK and America.
This week, Tuxedo was a Winner for the Best Consumer Marketing Campaign for its co-branded Sun prepaid card at The Paybefore Card Awards, which took place at The Rio All-Suite Hotel and Casino in Las Vegas.
It comes just five weeks after they also won the award for the Best Consumer Marketing Programme at the UK Card Awards at the Grosvenor House Hotel in central London, seen as the annual ‘Oscars’ for such cards.
Colin Loubser, Co-Founder and Chief Marketing Officer of Tuxedo, said: “We have effectively built the UK consumer market from scratch using all main stream media, sales and distribution channels in a visually captivating way to express the benefits of prepaid simply and effectively. These two awards represent fantastic recognition for us and the Sun in bringing prepaid cards to consumers through industry-leading marketing campaigns.”
February
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PRESS RELEASE – Tuxedo to provide WAYN’s 10.8 million members with The Lifestyle Card.
07.02.08
Tuxedo – the leading prepaid card provider- has signed a deal with the world’s largest travel and lifestyle social networking community, WAYN.com (Where Are You Now?) to provide all their 10.8 million members with an easy way to manage their money online, by phone, and even by SMS.
VIP members of the site will receive the WAYN Lifestyle Card for free as part of their membership package. Other members will be encouraged to apply for the card at £9.95. The card launches to UK members in April with plans to roll out in international markets over the year.
Matt Jerwood, WAYN business development director, said, "This is a social network first and we’re delighted to have partnered with the best firm in the market.”
The Lifestyle Card offers great value for money and significant savings over most high street bank cards and credit cards on exchange rates and foreign ATM charges when outside of the UK. This is where the Tuxedo card neatly fits with the WAYN core demographic of independent travellers, gap year students, family holiday makers, business travellers and explorers alike. The cards’ flexibility and the safety aspects are likely to prove a hit with the travelling set: the Tuxedo card is not linked to any bank account, the holder’s money is held off the card in an online "eccount", it carries less fraud risk, can be topped-up remotely by friends and family in emergencies and is safer than carrying cash as the card can be blocked if it is lost or stolen.
Tuxedo has been a perfect match for WAYN in addressing their goals for their Lifestyle Card project, wishing to minimise fees whilst overseas, fraud and risk reduction, and access to discounts and tangible benefits whilst travelling.
The growth of pre-paid cards across Europe has been dramatic as more people realise the benefits of money management. Latest figures available show there will be around 2.3 billion pre-paid card transactions taking place in Europe by 2010, involving a spend exceeding £50.7billion, and that pre paid-card usage will increase a further 110% over the next five years (source: Payment Systems Europe).
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CleanSlate Magazine – Tuxedo targets News of the World readers with pre-paid card scheme
01.02.08
Pre-paid card provider, Tuxedo, has announced the launch of its latest card for individuals unable to obtain a bank account that require a debt [sic] card facility.
The News of the World card offers users the chance to manage their money on the card online and by mobile phone and has a MasterCard facility for use on the high street and in cash points.
Mark Simon, chief executive officer of Tuxedo Money Solutions, said the new partnership would allow them to reach a large new audience. “We are delighted to partner with News of the World to offer such large numbers of consumers a dynamic, cost effective, secure way to manage and control their money with our eccount service.”
James Richards, affinity marketing manager at News International, said the card was one of the best on the market. “With our low fee structure we firmly believe that this is the best pre-paid product available for consumer to use in the UK and abroad.”
Pre-paid cards have become an increasingly popular alternative for people without access to a bank account. The company currently offers an agency scheme and commission plan to partners.
January
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Talking Retail – News of the World prepaid MasterCard launches with PayPoint
25.01.08
The News of the World and Tuxedo Money Solutions, a leading programme manager in prepaid cards have launched a co-branded prepaid ’Top-up as you go’ MasterCard with PayPoint, the UK’s leading convenience retail bill payment network.
The News of the World MasterCard Prepaid card will be advertised through the newspaper and customers can apply by phone or online at www.newsoftheworldprepaid.co.uk
The cost of the card is only £6.49. For launch, the card will also offer £5 cash back on the first load of credit (minimum £10) - making the effective price of the first pack only £1.49. Customers can top-up credit as they go, giving them the reassurance that they cannot overspend.
PayPoint has been chosen as the exclusive electronic top-up partner enabling consumers to top-up their News of the World MasterCard prepaid card at over 18,500 outlets nationwide.
PayPoint retailers will earn 1% commission on all top-up transactions.
Mike Igoe, PayPoint’s Retail Director commented: "We are delighted to be adding the News of the World MasterCard prepaid card to our extensive range of prepaid card schemes available for top-up at PayPoint.
“With high profile advertising of the card to over 9 million readers in the News of the World, this is further good news for PayPoint retailers as customers will be visiting our agents to load credit on a regular basis. This continues with our commitment to introduce new initiatives to drive traffic into PayPoint outlets".
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24dash.com – News of the World MasterCard prepaid card has launched exclusively with PayPoint
24.01.08
The News of the World and Tuxedo Money Solutions, a leading programme manager in prepaid cards have launched a co-branded prepaid ’Top-up as you go’ MasterCard® with PayPoint, the UK’s leading convenience retail bill payment network.
The News of the World MasterCard® Prepaid card will be advertised through the newspaper and customers can apply by phone or online at www.newsoftheworldprepaid.co.uk
The cost of the card is £6.49.
For launch, the card will also offer £5 cash back on the first load of credit (minimum £10) - making the effective price of the first pack only £1.49.
Customers can top-up credit as they go, giving them the reassurance that they cannot overspend.
PayPoint has been chosen as the exclusive electronic top-up partner enabling consumers to top-up their News of the World MasterCard® prepaid card at over 18,500 outlets nationwide.
PayPoint retailers will earn 1% commission on all top-up transactions.
Mike Igoe, PayPoint’s Retail Director commented: "We are delighted to be adding the News of the World MasterCard® prepaid card to our extensive range of prepaid card schemes available for top-up at PayPoint.
“With high profile advertising of the card to over 9 million readers in the News of the World, this is further good news for PayPoint retailers as customers will be visiting our agents to load credit on a regular basis.
“This continues with our commitment to introduce new initiatives to drive traffic into PayPoint outlets".
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CardWeb.com – CardFlash International
14.01.08
Article unavailable to non-subscribers
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Paybefore.com – U.K.’s News of the World Sunday Paper Offers Prepaid MasterCard
08.01.08
News of the World, a U.K.-based Sunday newspaper, will offer MasterCard branded prepaid cards from British prepaid card provider Tuxedo Money Solutions to its 9 million readers. The News of the World Card is being offered for £6.49 ($12.80). However cardholders will receive £5 ($9.80) cash back on the first load, making the effective price £1.49 ($2.94).
Cardholders can manage their prepaid funds online, by mobile text messaging and by phone. Upon receipt of their cards, cardholders are automatically signed up for “eccount”, which allows them to manage their prepaid funds and transfer funds between multiple cards tied to the same account online.
The Tuxedo card is issued by the Newcastle Building Society (NBS). Last September, The Sun, one of Britain’s widest circulating daily newspapers, partnered with Tuxedo to offer a similar MasterCard branded prepaid card to its readers.
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BRAND REPUBLIC – NOTW launches pre-pay credit card
07.01.08
LONDON – The News of the World has followed sister newspaper The Sun by launching its own pre-paid MasterCard, in partnership with Tuxedo Money Solutions, a pre-paid cash card company.
The card, which allows money to be withdrawn from ATMs or used to make payments online or via chip and pin, can be topped up via an online "eccount" into which money can be transferred via text message, phone or online.
As with The Sun credit card, it will cost £6.49 to sign up for the service but consumers receive a £5 cash-back incentive. The card can be topped up for free but users will have to pay varying amounts for transactions depending on whether they choose a pay monthly or pay as you go tariff.
Mark Simon, CEO of Tuxedo Money Solutions said: "We are delighted to partner with News of The World to offer such large numbers of consumers a dynamic, cost effective, secure way to manage and control their money with our eccount service."
As well as The Sun, another part of Rupert Murdoch’s media empire, BSkyB, introduced a branded credit card in 2005.
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Which Prepaid Card? – News of the World Prepaid Cards
07.01.08
News Of The World encourages readers to spend safely with the launch of a co-branded Tuxedo Prepaid MasterCard.
From today, readers of Britain’s best-selling Sunday newspaper, the News Of The World, will be able to control and manage their cash more safely using a NOTW prepaid MasterCard. The card, launched in conjunction with Tuxedo Money Solutions - a market leader in Pre-pay - will enable its 9 million readers to manage their money via a simple text message, phone or online.
The card is simple to set up and easy to use to spend online, through chip and pin terminals or to withdraw money from ATMs anywhere in the world The card allows your money to be held off the card in an online "eccount" from where it can be safely moved on to your NOTW Tuxedo Prepaid MasterCard® as and when you need it.
All users of the NOTW card will be instantly signed up as eccount® customers, enabling them to control and manage their money via text message, phone or online. Cardholders can also share money with friends and family in the UK or abroad, using the eccount service to transfer funds between different cards within the same eccount®.
In addition the card offers great value on exchange rates and foreign ATM charges when outside of the UK - ideal for travel money. More than one in ten of UK internet users fell victim to online fraud last year according to Government figures and concern over online fraud prevents 56% of the UK from buying online. The eccount® is designed for easy and safe card management and allows you to text instructions via your mobile phone including "block" to lock your card, "unblock" to re-activate your funds and "lost" or "stolen" to stop all use. You even get free SMS alerts sent to your phone when your card balance is low and needs topping-up.
The News Of The World will market the new card in newspapers and on their website. News of the World readers applying for the NOTW Tuxedo card will receive a welcome letter, a paying-in book, a user guide and a card personalised in their name, all priced at £6.49. However they will receive a £5 cash-back on the first load, making the effective price only £1.49. The chip and pin card also provides complete security for internet use, everyday banking and as a worldwide travel card with access to 1.3 million ATM’s and 25 million merchants across the world, making it the one of the most competitive cards available on the market.
Readers also have a choice of tariff. The Pay Monthly tariff gives you unlimited FREE purchases in the UK and UK ATM withdrawals are only charged at 50p per withdrawal, whilst the Pay As You Go tariff charges per transaction with a maximum charge of £1.50. Mark Simon, CEO of Tuxedo Money Solutions said: "We are delighted to partner with News of The World to offer such large numbers of consumers a dynamic, cost effective, secure way to manage and control their money with our eccount service.
" The growth of pre-paid cards across Europe has been dramatic as more people realise the benefits of money management with latest figures available show there will be around 2.3 billion pre-paid card transactions taking place in Europe by 2010.
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MyHotNews.com – UK’s News Of The World partners Tuxedo to launch pre-paid MasterCard card.
07.01.08
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Loyalty Magazine – News Of The World launches prepaid card
07.01.08
Article is unavailable to non-subscribers.
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Finextra.com – UK's News Of The World partners Tuxedo to launch pre-paid MasterCard card
07.01.08
From today, readers of Britain’s best-selling Sunday newspaper, the News Of The World, will be able to control and manage their cash more safely using a NOTW prepaid MasterCard.
The card, launched in conjunction with Tuxedo Money Solutions - a market leader in Pre-pay - will enable its 9 million readers to manage their money via a simple text message, phone or online.
The card is simple to set up and easy to use to spend online, through chip and pin terminals or to withdraw money from ATMs anywhere in the world.
The card allows your money to be held off the card in an online "eccount" from where it can be safely moved on to your NOTW Tuxedo Prepaid MasterCard as and when you need it. All users of the NOTW card will be instantly signed up as eccount customers, enabling them to control and manage their money via text message, phone or online.
Cardholders can also share money with friends and family in the UK or abroad, using the eccount service to transfer funds between different cards within the same eccount. In addition the card offers great value on exchange rates and foreign ATM charges when outside of the UK - ideal for travel money.
More than one in ten of UK internet users fell victim to online fraud last year according to Government figures and concern over online fraud prevents 56% of the UK from buying online. The eccount is designed for easy and safe card management and allows you to text instructions via your mobile phone including "block" to lock your card, "unblock" to re-activate your funds and "lost" or "stolen" to stop all use. You even get free SMS alerts sent to your phone when your card balance is low and needs topping-up.
The News Of The World will market the new card in newspapers and on their website. News of the World readers applying for the NOTW Tuxedo card will receive a welcome letter, a paying-in book, a user guide and a card personalised in their name, all priced at £6.49. However they will receive a £5 cash-back on the first load, making the effective price only £1.49. The chip and pin card also provides complete security for internet use, everyday banking and as a worldwide travel card w with access to 1.3 million ATM’s and 25 million merchants across the world, making it the one of the most competitive cards available on the market.
Readers also have a choice of tariff. The Pay Monthly tariff gives you unlimited FREE purchases in the UK and UK ATM withdrawals are only charged at 50p per withdrawal, whilst the Pay As You Go tariff charges per transaction with a maximum charge of £1.50.
Mark Simon, CEO of Tuxedo Money Solutions said: "We are delighted to partner with News of The World to offer such large numbers of consumers a dynamic, cost effective, secure way to manage and control their money with our eccount service."
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BRAND REPUBLIC – NOTW launches pre-pay credit card
07.01.08
LONDON - The News of the World has followed sister newspaper The Sun by launching its own pre-paid MasterCard, in partnership with Tuxedo Money Solutions, a pre-paid cash card company.
The card, which allows money to be withdrawn from ATMs or used to make payments online or via chip and pin, can be topped up via an online "eccount" into which money can be transferred via text message, phone or online.
As with The Sun credit card, it will cost £6.49 to sign up for the service but consumers receive a £5 cash-back incentive. The card can be topped up for free but users will have to pay varying amounts for transactions depending on whether they choose a pay monthly or pay as you go tariff.
Mark Simon, CEO of Tuxedo Money Solutions said: "We are delighted to partner with News of The World to offer such large numbers of consumers a dynamic, cost effective, secure way to manage and control their money with our eccount service."
As well as The Sun, another part of Rupert Murdoch’s media empire, BSkyB, introduced a branded credit card in 2005.
