First multi-currency prepaid card to use Apple Pay
London, 16th August 2016 – A first of its kind, Raphaels Bank Payment Services, a niche payments bank now offers Apple Pay to the bank’s Cash Passport Multi-currency card customers. The Cash Passport Multi-currency card – which is enabled by Mastercard Prepaid Management Services – will be the first facility to transact in up to 10 currencies using Apple Pay and demonstrates a continued commitment to leading innovation in the payments sector.
With security and privacy at the core of Apple Pay, Raphaels Bank believes this is a significant development to give prepaid card programmes a valuable differentiator in the consumer marketplace, as Janet Johnston, Head of Raphaels Bank Payment Services explained:
“The cashless society is set to accelerate over the next few years in line with the rapid growth in contactless payment transactions at point of sale and Apple Pay is playing a crucial role in this space. Whether via card or mobile, we see it as vital to be at the forefront of the digital payment revolution and are excited to be making it possible for prepaid card programmes to use Apple Pay for multiple currencies.”
Graham Perry, President, Mastercard Prepaid Management Services said:
“The addition of Apple Pay to our Cash Passport product marks a step change in digital convergence for our customers. They continue to benefit from the security and simplicity of our multi-currency account, combined with the flexibility and convenience of Apple Pay. We are excited to give our cardholders even more ways to use the product especially with the continued growth in online, cross-border transactions.”
Perry continues: “We continue to work closely with our partner, Raphaels Bank, to innovate in order to ensure our products meet the changing needs of customers.”
“This is another great example of how we’re investing in transforming payments for prepaid card programme managers, giving them a strong selling proposition that keeps pace with the rapidly evolving payments market”, added Janet Johnston. “While many of the big banks have already adopted Apple Pay, we are proud to be one of the first specialist payment banks to offer this facility to our customers for multi-currency transactions.”
For more information on Apple Pay, visit: http://www.apple.com/uk/apple-pay/
Notes to editors
About Raphaels Bank
Raphaels Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. A long established independent banking house in the UK, with origins to 1787, Raphaels offers financial products for private customers including a range of savings products, in addition to being a provider of niche lending facilities through partners and brokers.
The Bank is a leading player in the payments market and issues Mastercard and VISA cards with partners in the UK and other European countries and in 2016 became the first new member of the Faster Payments Scheme since its inception in 2008.
For further information about Raphaels Bank contact Wendy Harrison or Maddy Roles on 020 8977 9132 or firstname.lastname@example.org
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardMEA and @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the MEA Engagement Bureau.