Corporate Rewards has launched a pre-pay card to help employers motivate staff.
Employers can load cash amounts onto the Corporate Rewards Card to reward or incentivise staff, who can then spend the credit at any outlet that accepts MasterCard.
Sean Wilkinson, managing director at Corporate Rewards, explained: "Employers can load on money to reward anything from achievement to long service, and [the card] is all geared up towards a reward and recognition campaign."
The product enters into the marketplace to compete with other pre-paid credit cards such as Grass Roots Group’s grgCard, which can be used at any store accepting Maestro, and P&MM’s Spree Card, which operates through the Visa network, both of which launched last year.
Wilkinson claimed that the Corporate Rewards Card is differentiated from competitors by only charging employers a one-off fee for the card and its associated services.
These include a 24-hour call centre for employees and an online management centre for users to log in and check their balance.
The one-off cost will depend on the number of employees who are issued with a card and whether an employer chooses to brand the credit cards with its own organisational logo.