Dragons’ Den’s Peter Jones has launched a prepay cashcard called On-X Go prepaid MasterCard via his mobile distribution company Data Select. The company has teamed up with prepaid programme manager M-Cube for the project. George
McPherson, chief executive officer of Data Select, said: "Major players have entered the card market in recent months and there are many similarities between the prepay mobile sim markets and the sub-prime and ethnic remittance demographics. We will use our extensive distribution network in retail and wholesale channels to maximise growth.
"The target audiences covered within these markets perfectly complement the profile associated with prepaid card usage. Prepay is worth billions of pounds across Europe and is about to explode in the UK."
According to Data Select, On-X Go is an instant issue card with Chip & PIN security that comes in a handy retail pack and can be repeatedly topped up at the Post Office, Payzone, or with a debit or credit card online, with cash to a value of £650.
Card owners do not need a bank account.