Mastercard pre-paid cash cards come to UK

Mastercard has announced it will be launching pre-paid cashcards across the UK, primarily aimed at those without a bank account.

The cards, called Cashplus, work on the same principle as pre-paid mobile phones – users can top them up with cash and then make purchases with them up to the value that they have put on the card.

Rich Wagner, of Advanced Payment Solutions, told This is Money: "There are nearly 8m people in the UK without a bank account or a credit card and this is the market we are aiming at. These people can't buy goods over the internet, can't reserve hotels or hirecars and if they lose their money it is gone. With the card it is secure."

Another advantage of the card is that users cannot incur any debt, or build up interest charges – giving customers greater control over their financial situation.

The cards will be launched in the UK next month and will be available online.