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Case Study<br />
Advanced Payment Solutions launches<br />
Europe’s first Creditbuilder prepaid function<br />
Listening to the voice of the cardholder<br />
Back in September 2005, London-based<br />
Advanced Payment Solutions (APS)<br />
partnered with <strong>MasterCard</strong> to launch<br />
Cashplus, the first general purpose<br />
Chip and PIN prepaid payment card in<br />
the UK. APS then followed with the<br />
Cashplus prepaid Gold <strong>MasterCard</strong> ®<br />
card, a first in Europe. Now, the company<br />
has launched Creditbuilder, a new<br />
feature of Cashplus that helps creditdisadvantaged<br />
consumers build and<br />
improve their credit rating.<br />
Cashplus turns to gold<br />
The original Cashplus card was positioned<br />
as a solution for the ‘underbanked’ segment<br />
of the consumer population. APS works<br />
with distribution partners (primarily money<br />
services businesses, such as currency<br />
exchange bureaus and cheque cashers) who<br />
deliver cash-based services to this customer<br />
segment. Cashplus complements the<br />
services that these businesses provide.<br />
With Cashplus, people who previously<br />
could not get a payment card have been able<br />
to enjoy the freedom, flexibility and security<br />
that having a <strong>MasterCard</strong> card provides.<br />
The Cashplus prepaid Gold <strong>MasterCard</strong> ®<br />
card continues to champion financial<br />
inclusion. Winner of <strong>MasterCard</strong>’s Best<br />
Cardholder Service Award for 2007,<br />
the personalised, embossed Cashplus Gold<br />
prepaid card has the look-and-feel of a Gold<br />
<strong>MasterCard</strong> ® card and the distinction and<br />
status that go with it.<br />
APS Cashplus Gold & Creditbuilder<br />
Two firsts in Europe<br />
• Cashplus Gold is a fully serviced prepaid<br />
<strong>MasterCard</strong> ® card for use at 25 million<br />
merchant locations and over 1 million ATMs<br />
worldwide<br />
• APS provides customer services via a call<br />
centre, the internet and text messaging<br />
• No bank account or credit check is required<br />
to set up an account<br />
• Security through Chip & PIN<br />
• Reload (free of charge) at over 14,500<br />
locations in the UK<br />
• Offers a simple way of establishing or<br />
enhancing credit ratings<br />
• Creates/extends customer relationships<br />
through distribution partners<br />
• Enhances cross-selling opportunities<br />
Creditbuilder – responding to<br />
evolving consumer needs<br />
The latest innovation from APS is a new<br />
feature of the Cashplus card called<br />
Creditbuilder. A unique product that serves<br />
a broad consumer market, Creditbuilder is<br />
highly relevant in the current ‘credit-crunch’<br />
economic climate. Endorsed by the UK’s<br />
Consumer Credit Association, Creditbuilder<br />
offers the some 8 million UK consumers<br />
experiencing an impaired credit rating<br />
(or no rating at all) a way of establishing<br />
or improving their credit worthiness.<br />
“Creditbuilder is a simple way for people<br />
to demonstrate an ability to pay balances<br />
on time. The function is our response<br />
to strong demand from cardholders and<br />
consumer advocacy services.”<br />
Rich Wagner, APS founder and CEO
“We believe APS’ Creditbuilder solution is one<br />
of the most innovative products we’ve seen in the<br />
payments industry for some time.”<br />
Chris Reddish,<br />
Global Product Head of Prepaid Europe, <strong>MasterCard</strong><br />
Here’s how Creditbuilder works: APS creates a<br />
simple ‘credit situation’ with the cardholder by<br />
establishing an initial balance equal to<br />
12 months of the standard monthly card fee.<br />
Then, each month, the cardholder pays a monthly<br />
instalment, which APS reports to the credit rating<br />
bureau. At the end of 12 months, the initial<br />
credit situation has been cleared and now counts<br />
as a satisfied balance repayment towards the<br />
cardholder’s credit rating.<br />
APS company data shows that when the customer<br />
pays on time, settles the initial balance in full, and<br />
uses other credit products responsibly, their credit<br />
rating goes up. It is important to note that the<br />
cardholder pays no interest, early or late settlement<br />
fees, or administration charges; and the full balance<br />
can be settled at any time. Best of all, Creditbuilder<br />
is absolutely free of charge.<br />
Making life easier for the customer<br />
Applying for a Cashplus card is easy and hasslefree.<br />
Customers are eligible as long as they are a<br />
UK resident, provide proof of address and are over<br />
18 years of age. Cashplus also delivers peaceof-mind<br />
to the customer by providing the added<br />
benefit of Chip and PIN protection. If a card is ever<br />
lost or stolen, APS will replace the card and refund<br />
any unauthorised charges made on the account.<br />
You can use your Cashplus card wherever<br />
<strong>MasterCard</strong> is accepted – which means at over 25<br />
million retail outlets and 1 million ATMs worldwide.<br />
The card can also be used over the phone,<br />
via mail order and via the internet. Cashplus<br />
cards can be reloaded – free of charge – at over<br />
14,500 locations, including any UK Post Office ® .<br />
And now, with the Creditbuilder feature, customers<br />
have the opportunity to learn how to manage credit<br />
responsibly and prove their credit worthiness.<br />
Programme Model<br />
Financial Institution Sponsorship<br />
Cardholder<br />
Brand Network<br />
Risk<br />
Regulatory &<br />
Compliance<br />
Member<br />
Service<br />
Provider<br />
Programme<br />
design,<br />
set-up &<br />
management<br />
Processing<br />
services<br />
Financial<br />
Institution<br />
Marketing<br />
&<br />
Distribution<br />
Cardholder<br />
services<br />
To learn more about the APS Cashplus programme and how you can benefit from partnering with<br />
<strong>MasterCard</strong> Prepaid Services, contact your <strong>MasterCard</strong> representative today.<br />
<strong>MasterCard</strong> Prepaid Services<br />
Delivering Growth Through Payment Innovation<br />
<strong>MasterCard</strong> Europe SPRL<br />
Chaussée de Tervuren 198A<br />
B-1410 Waterloo<br />
Belgium<br />
Tel. + 32 2 352 51 11<br />
Fax + 32 2 352 58 07<br />
www.mastercard.com<br />
©2008 <strong>MasterCard</strong>