London, UK, Thursday, September 10th, 2020 – PFS (a company of EML) is delighted to partner with The Government of Jersey to enable its unique spend local prepaid Mastercard initiative with 105,000 cards. It forms part of the government’s overall £150 million fiscal stimulus package to help alleviate the economic hardship caused by the pandemic.
From today onwards, all eligible citizens in Jersey will be posted their own £100 PFS-powered Spend Local Card that they can use in businesses across the island until midnight on October 31st, 2020. After that date, cardholders are being advised to retain their prepaid card in the event that there could be another stimulus package announced in the future. The PFS solution turned around in just 4 weeks is designed to work with any government in Europe.
‘’This scheme will give Islanders a positive way to support local businesses that have worked hard to adapt to the impact of COVID-19 and look after their customers in a safe way. The pandemic caused businesses across all sectors in Jersey to suffer. And while the Government has provided support through a range of measures, this scheme allows Islanders the opportunity to go out and treat themselves by supporting local Island businesses,” stated Senator John Le Fondré, Chief Minister of Jersey.
“The COVID-19 outbreak has had a real impact on businesses, and Governments around the world are looking for ways to stimulate their economies. This innovative solution offers a real alternative to stimulus packages delivered through local tax or benefits systems, giving greater precision for the spending of the funds. Authorities can target where, when and exactly how much can be spent, and as in the case of the Government of Jersey, focus all of the benefit on the Island’s community,” commented Kelly Devine, President, Mastercard UK & Ireland.
‘’We’ve enjoyed bringing a fresh thinking FinTech solution to life for families in the beautiful Island of Jersey. The government’s Island-centric, spend local aspirations aligned perfectly with our payment solutions suite. We look forward to working closely with the Jersey Government to ensure a successful Spend Local Cards programme and possible future financial technology collaborations,’’ said Lee Britton, CCO at PFS (a company of EML).
The Government of Jersey has embarked on an island-wide awareness campaign on how to use the cards and where the funds can be spent. People who cannot leave their home during the pandemic can use the funds with local businesses that accept Mastercard payments over the phone. See: www.Gov.je/SpendLocal
About PFS (a company of EML) (ASX: EML)
PFS, an agile FinTech, is a Payment Provider of Choice delivering robust payment technology solutions and offers world-class innovation in electronic money. A pioneer in the evolution of the FinTech ecosystem, PFS’ award-winning solutions include eWallets, 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 eMoney issuers and has returned profits for 12 consecutive years. With programmes active in 28 countries and growing, the company has the ability to transact in 25 currencies. PFS’ products and state-of-the-art technology platforms are trusted by Governments, Local Authorities, Non-Governmental Organisations (NGOs), Mobile Network Operators (MNOs), Traditional Banks and a comprehensive list of Corporates.
PFS is chosen by other FinTechs to revolutionise the digital economy in real-time. The company develops a range of trendsetting mobile payment and wearable solutions securely and seamlessly by providing quick and easy integrations into mobile payment applications.
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