Correos launches prepaid card for Spanish consumers
Correos has teamed up with Prepaid Financial Services (PFS) to launch the contactless Correos Prepago MasterCard card in Spain. As part of the partnership, PFS provides the complete prepaid solution including BIN sponsorship, programme management, end-to-end technology solution and customer service support.
The new Correos Prepago card, which is a general spend reloadable prepaid MasterCard available in EUR, was soft launched online in July 2015 and is available to Spanish customers at http://www.correosprepago.es.
The cards will be available to purchase via the national network of Correos post offices soon and can be loaded via credit and debit card online or at any of the Correos branches in Spain.
Correos currently has more than 2,400 post office branches across Spain.
Noel Moran CEO of PFS said: “PFS is delighted to have been chosen by Correos to deliver this game-changing prepaid programme in Spain. This partnership is a clear demonstration of PFS’s reputation and profile within Europe as a leader in the end-to-end delivery of large scale prepaid programmes for high-profile corporations.
“PFS is pioneering the movement of prepaid payment products away from being just sub-prime and driving them into the mainstream and the Spanish market in particular, represents a massive opportunity for this. One of the most effective mechanisms for introducing new services to the mass market is to capitalise on the trusted relationships that consumers have with their own services providers, and post office prepaid programmes have been very successful in the UK and Italy.”
Javier Cuesta Nuin, the president of CORREOS Group, added: “Correos Prepago is another step in our strategy to advance in the diversification and innovation of our services, and PFS have proven experience in the successful management of prepaid card programmes throughout many countries in Europe.
“This prepaid card initiative was born from the desire to provide our customers with solutions that make day-to-day living easier. In particular, we wanted to provide our customer base with access to a secure, simple payment card system, regardless of their existing banking relationship. This product with embedded contactless technology is a real pioneer in the Spanish market as it is being addressed to the whole public regardless of their socio-economic status.”