Commenting on O2's partnership with Natwest on the launch of two new prepaid cards

Published:

15/07/2009

Topic:

Press Release,Money,Credit Cards

Kevin Mountford, head of banking at moneysupermarket.com said: "It is interesting to see partnerships like this emerge in the current economic climate. It is a bold move for a non-traditional financial services brand to enter the banking sector, especially at a time when customer confidence is so low; it will be interesting to see how 02's customers take to the prepaid cards.

"It is also surprising to see NatWest partner with a white-labeled solution at a time when most Banks will be looking to cut their third party ties.
                                                                
"The 'Cash Manager' and 'Load & Go' look like attractive product offers aimed at two distinct segments; those that are in need of better money management and younger users that don't fit into the typical banking model. O2 currently claim to have 20.8m users of which 25 per cent would fit the target profile for 'Load & Go', so it seems like a lucrative venture, as well as a form of financial education to the younger generations.

"At this stage there is no indication the product range will extend from this, or that O2 will offer deals to non-customers, but this could be the start of an interesting relationship between NatWest and O2. It will also be interesting to see if any other similar partnerships between other providers emerge going forward."

 

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