With Money to Pay, la Caixa aims to issue 5m prepaid cards by 2016.
Customers do not need to hold a bank account with la Caixa to be eligible for a Money to Pay card.
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Through the Money to Pay initiative, la Caixa aims to drive the bank’s growth in the prepaid segment, both in terms of market share and market volume.
Money to Pay products will be available at la Caixa branches and can be used at the bank’s ATMs for transactions and to reload the card balance. A separate website for prepaid products as well as a mobile channel has especially been designed for instant balance enquiries and reloads.
la Caixa also aims to "reinforce" the bank’s position in the electronic banking segment via Money to Pay, according to the lender’s chairman Isidro Fainé and CEO Juan María Nin.
Money to Pay will also create new channels for the distribution of prepaid cards that have, reportedly, not previously been used in Spain, such as shopping centres, major retail outlets, newsstands and shops.
la Caixa has issued a total of 12.4m cards so far. The lender has an ATM network of approximately 10,000 machines, 8.6m online banking customers and 2.6m mobile banking customers.
