Prepaid Financial Services & WestStein Bring the Power of Prepaid to Consumers & Businesses in Latvia

LONDON, August 24, 2015 /PRNewswire/ --

First Prepaid MasterCard® Programme Launched in Latvia by Prepaid Financial Services Limited (PFS) with Programme Set to be Expanded to Additional Territories in Q4 2015. 

Prepaid Financial Services, a leading provider of global prepaid solutions and a MasterCard prepaid partner, is delighted to announce the launch of the WestStein Prepaid MasterCard, in association with WestStein SIA, an innovative financial company based in Latvia with an international reach.

The WestStein Prepaid MasterCard is a chip & PIN prepaid card available online (in Euro) to customers in Latvia and will soon be available in additional currencies and territories across Europe. The card is available to consumers as well as corporate clients looking to offer a prepaid value proposition to their customer base, employees and members.

Consumers can apply for a prepaid card with an annual loading limit of 2,500 Euros online with the option to upgrade to a fully personalised card with a balance of 15,000 Euros, by providing additional identification.

Corporate cards come with higher loading, spending and withdrawal limits as default and transaction fees on corporate cards can be customised to suit each client's specific needs.

As the card is a MasterCard branded prepaid card, the WestStein consumer and corporate prepaid products can be used to make purchases in-store, online and over the phone at 34 million retailer locations worldwide as well as to make cash withdrawals at over 2.1 million ATMs that display the MasterCard Acceptance Mark.

Noel Moran, CEO of Prepaid Financial Services, stated: "We are delighted to partner with WestStein to launch PFS's first prepaid product in Latvia. We have been observing the Latvian market carefully and this is a strategic time to launch a highly flexible non-banking product that appeals to both consumers and corporates. We expect the WestStein Prepaid MasterCard to quickly become a strong product in the marketplace.

With this launch, we now have programmes active and live in 20 countries outside of the UK. We are continuing to expand our services across Europe as part of our strategy to become the preferred provider for straight forward prepaid payment solutions. We are well on our way to achieving this and our aim is to launch in 3 or 4 more new countries before year end."

The WestStein Prepaid Card is available via a quick and simple application process and is ideal for safe and secure online shopping with privacy, instant moneyshare with friends and family, travelling without the worry of overspending as well as budgeting and making bill payments.

The card is also ideal for families who have children travelling abroad as students on international internships and exchange programs, as the card minimises the risk of losing cash and enables users to pay in foreign countries with ease. Furthermore, parents can easily transfer additional funds to their children, securely and instantly through the online platform.

With no credit checks or minimum income requirements, the WestStein prepaid card provides an excellent alternative to traditional current accounts for those without a bank account or poor credit history for managing their wages and allowances as well as Corporates looking to pay wages to temporary workers. WestStein Corporate prepaid cards are also ideal for bonus disbursements as well as the management of company expenses, corporate travel, reward and loyalty programmes.

BS Finanz Zürich GmbH, the holding company of WestStein SIA, commented: "The WestStein prepaid MasterCard is essentially the first prepaid card aimed at all consumers in Latvia, providing a world class solution that is user friendly, simple and inexpensive. The versatility of our product, in addition to the simplicity and reach of our loading networks, are key drivers for growth and consumer adoption. We want to share the power of prepaid with all consumers and not just a select few, like some of the other providers in the market, who offer cumbersome and complicated solutions to specific niches and elite customers. In the future we plan to add additional products and services to create a more comprehensive financial services company."

The WestStein Prepaid Card launch is the latest addition to the international portfolio of programmes launched by Prepaid Financial Services, which now has active and live programmes in 20 countries outside the UK.

The WestStein Prepaid MasterCard is issued by Prepaid Financial Services Limited pursuant to a license from MasterCard® International Incorporated. Prepaid Financial Services Limited is regulated and authorised by the Financial Conduct Authority, registration number 900036. Registered Office: 36 Carnaby Street London, W1F 7DR.

For more information, go to http://www.prepaidfinancialservices.com or http://www.weststeincard.com

Notes to Editors 

About Prepaid Financial Services 

Prepaid Financial Services Limited is a UK based multi-award winning global prepaid provider, e-money Issuer and a MasterCard supplier. PFS is authorised and regulated as an e-money issuer by the Financial Conduct Authority (FCA) in the UK and has passported its e-money license across the SEPA region to enable card issuance in up to 40+ countries. PFS operate as an Acquirer, Issuer, BIN Sponsor and Programme Manager which makes PFS unique in the payment space.

PFS manage multiple programmes' processing millions of transactions every week and our products are utilised by Governments, Local Authorities, blue chip corporations, SME's and individual consumers taking advantage of our cutting edge, secure technology.

Since launching in 2008, PFS has rapidly established itself as a trusted, dependable and credible prepaid provider to a range of clients across the globe and is listed as the 2^nd fastest growing financial services company in the UK for 2014 by the Sunday Times Tech Track 100.

You can follow us on Twitter and Facebook at @prepaidfs and prepaidfs.

About WestStein SIA 

WestStein SIA is an innovative financial company providing re-loadable Prepaid MasterCard® payment solutions for businesses and consumers.

WestStein SIA is registered and headquartered in Riga, Latvia and is registered with the FCA in the UK as the official representative of Prepaid Financial Services Ltd. in Latvia (link to the Financial Services Register - http://www.fsa.gov.uk/register/2EMD/2EMD_MasterRegister.html), (link to the Latvian Financial and Capital Market Commission - http://www.fktk.lv/en/market/electronic-money-institutions2/services-providers-from-the-ee.html)

WestStein SIA is dedicated to creating and developing prepaid products and financial services for everyday consumers remotely from their devices, providing them with the functionality of a genuine MasterCard.

We always strive to enhance our products and create the next best safe alternative to cash and money management for everyone.

For more information, go to http://www.WestSteincard.com

For further information regarding Prepaid Financial Services and how prepaid solutions can benefit your organization, contact +44-(0)207-125-0321 or [email protected] or visit our website at http://www.prepaidfinancialservices.com  

SOURCE Prepaid Financial Services (PFS)