Deal with ATM Operator Simplifies Turning Ukash to Cash (July 25, 2013)
July 25, 2013
London-based prepaid voucher provider Ukash has taken the next step in enabling users to turn its virtual vouchers back into cash, striking a deal with ATM operator Bank Machine under which voucher holders can withdraw cash at ATMs. With the new “Ukash Out” function, voucher holders need only to enter a numeric code at any of 3,000 Bank Machine ATMs across the U.K. and can then withdraw cash up to the current value of the voucher; no payment card is required.
The new initiative comes just months after Ukash unveiled a plan to enable customers to turn leftover voucher funds and virtual gaming winnings into cash at 24,000 PayPoint-enabled retailers in the U.K. Previously, winnings and leftover funds were returned to the customer in the form of a new voucher that could be used on its own or combined with other vouchers.
This week’s Bank Machine deal expands voucher holders’ access to cash even further, giving customers added flexibility in how they want to receive leftover funds or virtual gaming winnings, noted Ukash CEO David Hunter. “We have made significant investment in the development of Ukash cash withdrawals. We believe it’s a pioneering step for consumers and e-tailers alike,” said Hunter.
Established in 2001, Ukash enables customers to purchase vouchers containing unique 19-digit codes at brick-and-mortar retailers, which can then be used to make online purchases without a credit or debit card. The company has grown its network to more than 460,000 physical points of purchase in more than 50 countries. Ukash is a 2013 Paybefore Awards Europe winner for Most Innovative Programme.
