On 25th June 2014, UK based multi-award winning global prepaid provider - Prepaid Financial Services (PFS) - announced the launch of its industry leading Multi Currency prepaid card platform.
Prepaid Financial Services is authorised and regulated as an e-money issuer by the FCA in the UK. They have passported their e-money license across the SEPA region to enable card issuance in up to 32 countries. PFS operate as an acquirer, issuer, BIN Sponsor and Programme manager in the Global prepaid arena, states the company.
- The Multi Currency prepaid card allows corporate clients and cardholders to hold in excess of 15 currencies all on a single card.
- The prepaid card offers more currencies than any other prepaid card globally, states the company’s press release.
- The product comes with Android as well as iOS functionality to greater enhance the user experience.
- Once the cardholder has registered for the card, they can load up to 15 currencies and hold the value in an underlying wallet.
- When the cardholder spends in a particular country and currency, then the value of the transaction is deducted from the specific currency wallet.
- If the cardholder is travelling to multiple countries they can transfer any of their currencies into the new chosen wallet by simple use of the smart phone app or online.
- A single card can hold multiple balances of different currencies.
“This is an exciting time for prepaid and the launch of our Multi Currency product for prepaid programs and banks further differentiates PFS from other prepaid issuers and program managers. It is not just the range of currencies that PFS make available, it is the simplicity of use and the consumer friendly interface that enables the cardholder to be in control of what they do with their currency and when they want to do it. PFS believes in making it as convenient as possible for cardholders to control their exposure to foreign exchange risks,” commented CEO of Prepaid Financial Services, Noel Moran, in the same release.
“PFS can act as the Issuer or as the program manager for the bank or partner, which speeds up their entry into the market place. We have a number of FX bureau’s and banks launching their own branded version of the Multi Currency card in 2014 and we expect to see take up expand over the coming months,” added Moran.