German bank and payments provider Wirecard AG is issuing a new prepaid Visa card to consumers, calling it the first Simply One Visa product in the market to combine the functions of a traditional credit card with a V Pay debit card.
Mycard2go users will verify payments through use of a PIN, enabling use of the card at more than 24 million Visa acceptance points. Users can top up the card online, at high street retailers or abroad.
"Our goal is to establish our appealing prepaid Visa card solution throughout Europe in tandem with retail partners,” Alexander von Knoop, executive board member at Wirecard Bank, said in a March 2 press release.
Consumers can obtain the mycard2go prepaid Visa card at numerous outlets across Germany, including gas stations and kiosks, places where they can also top up the cards with cash.
Consumers activate mycard2go through text messaging or online, which takes just seconds, Wirecard said. The card allows users to make payments at conventional terminals and online.
The card costs 9.95 euros to purchase, but carries no additional international service fee for payments made outside of the Eurozone.
The card can be upgraded in tiers, with the “Go” level for those who want to use the card for up to 100 euros for a one-time use. The card is completely anonymous at this level, as the user does not have to submit personal information for future use.
The mycard2go Limited upgrade allows users to top up their card by bank transfer or cash for up to 100 euros a month, while the mycard2go Ultimate upgrade means users who have established personal credentials can top up to 5,000 euros per month and also withdraw cash at ATMs and make payments up to 50 euros between mycard2go cardholders.
“Our objective is to fulfill the needs of our customers by leveraging innovations," Albrecht Kiel, regional managing director for Central Europe at Visa, said in the release. "Our collaboration with Wirecard has enabled this."
Wirecard Group has also been active in development of bar code and Near Field Communication-based mobile wallets across the globe.