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Altair Launches Fashion Rocks Prepaid Contactless Card called Swarovski Fashion Rocks pay as you go credit card
Leading prepaid card service provider and transaction processing company, Altair Financial Services International Plc (Altair) teamed up with MasterCard® to create a limited edition Swarovski Fashion Rocks prepaid ’Tap & Go’ card, featuring MasterCard PayPass™ contactless payments technology. Altair also worked with MasterCard to launch the UK’s first MasterCard PayPass contactless payments program in September this year.
The exclusive cards were distributed to MasterCard’s guests from customer financial institutions attending Swarovski Fashion Rocks for the Prince’s Trust 2007, the music and fashion event. The cards were preloaded with £10 and, for one night only, guests were able to ‘Tap & Go’ when buying drinks at the North Circle Bar in the Royal Albert Hall, which was fully PayPass-enabled.
Altair sees a growing interest among retail, entertainment and event companies planning to implement branded prepaid contactless card programs in 2008.
Tap & Go Card
Altair Chief Executive Officer, Lee Britton comments, “There is a growing interest among retail, entertainment and event companies, that are planning to implement branded prepaid contactless card programs in early 2008. Currently Altair is working toward rolling out several contactless prepaid card programs throughout the UK in early 2008. A prepaid card with contactless technology is ideal for high-volume systems such as transportation, ticketing, FMCG, petrol self-service and purchasing of small value items, and other situations where long queues are inevitable.
“Implementing a prepaid card program with contactless technology is an exceptional opportunity for companies looking to cut queuing times, increase footfall and reduce the risks of cash handling. Unlike credit, application for a prepaid product is not reliant on a credit rating, so application acceptance is nearly 100%. These cards have full MasterCard functionality, and are not restricted to low value purchases. If a customer makes a purchase over £10 for example, they simply enter their PIN in the usual way to complete the transaction.
“For events, attendees usually only have a few minutes during intermissions to make their way to the refreshments counter, only to meet a long queues and a bottleneck at the counter. The cards are designed to provide greater expediency, convenience and satisfaction at the point-of-sale – which is of growing value to the competitive retail sector. Apart from the practical benefits, the cards display innovation and a way to put the client’s brand in the wallet of their customer.”
Contactless card programs are already very popular in the United States, Japan, South Korea and Taiwan, and PayPass is now found on 19 million cards in 20 countries. According to payments industry association APACS, 5m cards will be available to use at 100,000 retailers in the UK by the end of next year.
About Altair Financial Services International Plc
Altair Financial Services International Plc was incorporated in 2005 as a global provider of Prepaid Card solutions with enhanced functionality. Altair acquired established transaction processing company, Symmetrex, Inc. in March 2007. Altair is headquartered in London with banking and processing relationships in UK, USA, Asia Pacific and throughout the Latin America and Caribbean regions and issues on behalf of MasterCard and Visa. Altair solutions are designed to be flexible enough to provide companies with almost any type of prepaid card functionality, including open and closed loop programs.
Through its relationship with MasterCard all Altair cards issued in Europe are based on Chip & PIN technology and are EMV standards compliant. Altair is a certified issuer and transaction processor of contactless MasterCard PayPass prepaid cards in the United Kingdom.
Prepaid MasterCard PayPass and Prepaid Maestro PayPass
PayPass is MasterCard’s ‘new contactless’ payment feature which is now available to use on MasterCard prepaid cards. the paypass prepaid masterCard allows consumers a new and convenient way to make fast alternative to cash payments at a swipe which covers everyday small purchases rather than carrying change. Prepaid MasterCard paypass covers convenient instant small payments for things like newspapers, petrol, fast food, coffee, public transport tickets, and others.
is now available on MasterCard credit cards ,MasterCard debit cards and MasterCard prepaid card as well as full network coverage on all Maestro debit cards. PayPass is a fast, efficient and convenient way that can reduce time for consumers through the check-out process, this is a dramatic step to turning the UK in to a cashless country where paypass may help reduce the need for cash handling and at the same time improve efficiency for retailers and offering more control over where you spend your money