Retail News Update

Paypoint partners with O2 for Load & Go prepaid card

PayPoint’s 22,000 retailers are poised to benefit from the latest prepaid card to be launched into the UK’s mobile banking market as demand for mobile banking services grows.

Mobile network operator O2 announced on 15 July that it has teamed up with high street bank NatWest to offer the Load & Go prepaid card through its new O2 Money business.

Load & Go, which is aimed at young people who want the security of using a card rather than carrying cash on them, will be available from late August, and is one of the first in a planned line of financial products which will be offered to O2′s customers.

O2 says the prepaid card will help people manage their money as they would be free and people could not go overdrawn on them or incur interest charges.

The Load & Go card is available to O2 customers only and can be loaded at all PayPoint outlets and O2 stores across the country.

“With our constant focus firmly on driving additional footfall and profits for our retailers, we always welcome innovative new products that achieve these aims,” said Mike Igoe, Retail Strategy Director at PayPoint. “It is clear from our research that customers consistently spend more when they are paying bills or topping up mobile and prepaid products. With its low costs to users and younger profile, the Load & Go card will attract more customers into our retailers’ stores with more money to spend.”