The Premium Payroll MasterCard, launched in conjunction with Prepay Solutions, can also help to reduce payroll processing when it comes to, for example, expense management and one-off and final-salary payments.
Patrick Langlois, managing director at Accor Services, said: "The UK's prepaid sector is changing. Prepaid solutions already include prepaid debit cards, retail gift cards, corporate incentive cards and insurance claim cards that, over the past few years, have been widely embraced by consumers. The evolution of the prepaid market is set to continue at a keen pace as an increasing number of organisations and businesses acknowledge the potential of prepaid as an effective payroll solution."
Matthew Lanford, head of Prepaid, MasterCard Europe, added: "The launch of the Premium Payroll card demonstrates the value of prepaid cards to employers as a means of eliminating paper cheques and paying their entire workforce electronically by a MasterCard prepaid card.
"Besides helping firms to drive down the costs associated with handling cash and cheques, this will make their payment processing easier, faster and cheaper. They can also use the card in other innovative ways to issue benefits or make other payments."