MoneyMona has chosen the Contis Group to power its eCurrent account, Visa prepaid debit card and rewards programme for the UK’s unbanked population.

The financial services provider said that it would be using Contis’ end-to-end service capabilities and next generation Visa e-money platform to drive its digital offerings.

MoneyMona’s digital current account and debit card aim to promote effective money management for UK customers without a regular bank account, by allowing users to transfer essential funds into digital ‘envelopes’ in order to control their family budget and put money aside for regular bills.

MoneyMona cardholders can also generate cashback through purchases made in-store and online at a range of retailers, and have the option of obtaining ‘companion cards’ to use the facility as a joint account.

“Products like ours provide essential support to the 3.7 million people in the UK that don't have access to, or simply don’t want, a traditional bank account,” explained Roy Welch, managing director of MoneyMona. “Our solution enables anyone that is outside the traditional banking system to set up standing orders, make secure payments and manage their money online quickly and conveniently, regardless of their financial status and credit history.”

Mike Fromant, managing director of the Contis Group, added: “MoneyMona selected Contis because the scalability and flexibility of our e-money and rewards platform enables it to develop the offering in line with the changing demands of its customers. As a Principal Member of Visa, Contis can offer a much wider range of services than most e-money institutions.”

Contis said that the total number of accounts operating on its platform increased by 385 per cent between June 2013 and March 2014, and the number of monthly prepaid transactions climbed by 339 per cent over the same period.

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