Prepaid Financial Services reports spike in smart payments

New offering to service SMEs in search of off-the-shelf payments solution



4 June 2020 | 0

In association with Prepaid Financial Services

Prepaid Financial Services (PFS) has added a premium business current account product to its prepaid offering, which is also available through Fitbit Pay, Garmin Pay and Google Pay.

Between February and April 2020, the fintech firm recorded a 107.28% spike in usage of its smart payment solution.




Off-the-shelf prepaid business accounts have become popular with start-ups and SMEs intent on navigating the complexities of the Covid-19 pandemic with safe and transparent cash-free alternatives. The prepaid element has become attractive for businesses focused on sticking to budgets via limits that can be set on the accounts.

The speed at which the online and wearables payment solution can be deployed during these unprecedented times makes it a hit FinTech-enabled product with no minimum contract and limited fees. Businesses are seeking innovative ways to manage expenses, travel, payroll, direct debits, transfers and mobile payments.

Lee Britton, CCO, PFS said: “We have built powerful, lightning speed APIs to enable our customers to connect in real-time to our platform to utilise state of the art consumer and business current accounts easily in Europe and the UK.

“Covid-19 has proven that multi-channel, digital solutions are essential to move money faster and safer around the world. With our framework, technology, and partnerships in place, PFS has also been able to provide rapid response solutions to our customers to reach the vulnerable via emergency fund disbursement in these challenging times.”

PFS, an agile and dual-regulated fintech, is a payment provider of choice delivering robust payment technology solutions and offers world-class innovation in electronic money. Its award-winning solutions include e-wallets, physical and virtual prepaid cards, IBAN accounts and prepaid consumer and business current accounts in the UK and Eurozone.

PFS is one of Europe’s largest e-money issuers and has returned profits for 11 years with programmes active in 26 countries. PFS’ products and technology platforms are trusted by governments, local authorities, non-governmental organisations, mobile network operators, and traditional banks and a comprehensive list of corporates.

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