MasterCard Wins at the 10th Annual Paybefore Pay Awards

MasterCard’s Bidvest Bank Multi-Currency World Currency Card and the South African VAT Refund Administrator (VRA) Programme have won a Prepaid: Consumer Champion – Global award and a Prepaid: Best Government Benefits Delivery award respectively at the 2016 Paybefore Pay Awards. The Paybefore Pay Awards are the most prestigious annual recognition of excellence in the global prepaid, mobile and emerging payments industry, as judged by the Paybefore stable of payments-focused publications annually for the last 10 years. “We are honoured to  accept these awards from one of the world’s most respected payments industry media houses,” says Alan King, managing director of MasterCard Prepaid Management Services. “MasterCard uses its technology and expertise to drive innovation within payments, and will continue to partner with the best in the industry to create meaningful products like these two solutions for consumers and clients.” The judging panel selected the Bidvest Bank Multi-Currency World Currency Card and the VAT Refund Programme after a process that pitted nominations from around the world against each other, balanced against intensive judging criteria. “We’ve been recognizing innovation and excellence in the payments industry for 10 years, and we have been impressed by how nominees from across the globe tackle payments problems with mastery and ingenuity,” says Loraine DeBonis, Paybefore editor-in-chief and chair of the Pay Awards judging panel. “From Silicon Valley startups to established powerhouses, the winners in this year’s competition reflect a dynamic industry with no sign of slowing its pace of expansion and change.” The Bidvest Bank Multi-Currency World Currency Card is a prepaid travel payment card that allows travellers to load up to 17 currencies onto a single card at any time. Travellers can lock in exchange rates, budget more efficiently, move money between currency purses, top-up currency before and during their travels, and avoid conversion fees while ensuring they pay in the local currency. The VAT Refund Programme conveniently refunds VAT from goods purchased by tourists and temporary non-resident visitors in South Africa, onto a non-reloadable South African Tax Refund MasterCard prepaid card. The programme is a safe and effective option for the VRA to implement because it reduces the issuance of cash and cheques. It’s also a secure and convenient option for tourists because there’s no need for them to exchange currency and the prepaid cards are accepted worldwide for purchases and cash withdrawals. The Bidvest Bank Multi-Currency World Currency Card and the VAT Refund Programme are now eligible for Best-in-Category distinctions, which will be announced during the Pay Awards ceremony on 21 March 2016 at the All Payments Expo. Voters have until 29 February 2016 to visit to cast their votes. The outcome of the votes (counted as one-sixth of the total) will be combined with the five judges’ picks to determine Best-in-Category honorees.  ]]>

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