LONDON, March 16, 2011 /PRNewswire/ -- Prepaid Financial Services Ltd (London) today announced the successful launch of the PCS Prepaid MasterCard(R) with Creacard SA. The card is the first MasterCard instant issue card in France. Whilst prepaid cards have established themselves as the fastest growing payment mechanism in Europe, France is a largely untapped market for products of this type.
The card is currently available for purchase in 5,000 retail outlets throughout France and will be rolled out to a further 20,000 merchants in the first quarter of 2011. The PCS card can be loaded with cash in store and also using pre-printed vouchers in EUR20, EUR50 and EUR100 denominations. Customers who wish to purchase the card do not need to complete any time consuming documentation or undergo credit checks. They can simply pick up a card in store, retrieve their PIN using a simple SMS command, load it with cash at the counter and begin spending immediately , thereby providing instant online spending capability to the large unbanked community in France.
Noel Moran, CEO of PFS explains, "We are delighted to be the first prepaid programme manager to deliver a product of this kind to the French market. The launch of this product is the culmination of an intensive period of technical development in consultation with the various stakeholders. PFS have created a custom built instant issue Prepaid platform which combines the capacity to load cash in store, voucher top up, unique SMS functionality for card management, real time back office reporting and inventory management. We are particularly heartened by the overwhelmingly positive response to the product from cardholders, media and retailers alike. "
The SMS functionality allows the cardholder to initially load and top-up their card with funds, share money with family and friends who possess additional cards, lock and unlock the card instantly and obtain their card balance. These self-service functions are available any time, globally and instantly, giving customers enhanced control over their funds.
Philip Aim, CEO of Creacard SA elaborates, "We are proud to launch the PCS MasterCard in France, the first instant issue reloadable prepaid card of its type. The product is a unique and low cost method of payment available to everyone. The first few months show a real demand for the product in the French market, and point to the ongoing success of the PCS Prepaid MasterCard in the coming months and years.
Philip continues "The PCS MasterCard was primarily launched to target the under-banked, however we have found that online shoppers, young people and frequent travelers, have quickly become fans of this card. Finally, the retail network, mostly tobacconists, was chosen for its scale, ubiquity and renowned quality of service, helping our product reach the widest possible market.
The PCS card is issued by Transact Network Limited. Marc Van Laer of Transact Network commented "The PCS card is genuinely the first branded prepaid MasterCard card offered for general spend purposes to the French consumer. Easy to find, easy to load and easy to use, the PCS card provides an alternative payment method for online and in-store transactions. Transact Network is excited to issue this card on behalf of Prepaid Financial Services and Creacard SA. Prepaid Financial Services have a deep understanding of the prepaid market and are willing, ready and able to provide and expand its prepaid product offering to accommodate the needs of different groups."
About Prepaid Financial Services
PFS is a prepaid Program Manager, headquartered in London, delivering prepaid card programs in many different geographic markets for banks, processors and clients. Founded in 2007 PFS has launched programs for clients including Foreign Currency cards, Money Remittance, Travel, Payroll, Corporate expenses solutions, Commission payouts and Social and Benefit Payments. The flexibility of the scalable PFS Middleware platform and its ability to interface into multiple processors, third parties and vendors allows the Company to be innovative and robust.
For more details on PFS you can visit http://www.prepaidfinancialservices.com or contact us on +44-207-1250321.
About Transact Network
Transact Network Limited is an authorised and regulated MasterCard and Visa Europe Principal Member providing European prepaid card issuing and e- money services.
Transact Network issues Visa and MasterCard physical and virtual prepaid cards. The Company's electronic money license has been successfully passported into every EU and EEA member state enabling the issuance of prepaid card programs across Europe.
Transact Network clients include regulated financial institutions, financial services companies, marketing organizations, mobile phone operators, retail chains, large and small corporate and governments.
MasterCard Worldwide is a driving force at the heart of commerce, enabling global transaction and bringing insight into the payment process.
As a critical link among financial institutions and millions of businesses, cardholders and merchants worldwide, MasterCard provides services in more than 210 countries and territories. MasterCard advances commerce worldwide by developing more secure, convenient and rewarding payment solutions, processing billions of payments seamlessly across the globe, and building economic connections that accelerate business.
For further Information;
The PCS Prepaid MasterCard(R) can be ordered online from http://www.pcs-card.com.
SOURCE Prepaid Financial Services Ltd