Prepaid business account uses spikes as coronavirus hits – The Irish Times
Prepaid Financial Services said demand for its prepaid business current accounts surged between February and April as the coronavirus pandemic and subsequent shutdown prompted businesses to rush for cashless services.
The Meath-based company, which is one of Europe’s largest e-money issuers, said there had been a 107.28% increase in usage of the smart payment solution.
The popularity of these services is attributed to a number of factors, including the speed with which they can be deployed and the ability to impose a budget for expenses with prepaid services as businesses look for innovative ways to manage expenses. , travel, payroll, debits, transfers and mobile payments.
“We are excited to be the payment provider of choice for rising challenger banks looking to use our innovative technology platform to disrupt the traditional banking market. We have built powerful and fast APIs to enable our customers to connect in real time to our platform to easily use the current accounts of tech-savvy individuals and businesses in Europe,” said Amanda Harrison, Business Development Manager at PFS.
“Covid-19 has proven that multi-channel digital solutions are key to moving money faster and more securely around the world. With our framework, technology and partnerships in place, PFS has also been able to provide rapid response solutions to our clients to reach vulnerable people through the disbursement of emergency funds in these difficult times.
The company has added a premium business current account to its offering, and all of its prepaid business accounts are compatible with Google Pay, Garmin Pay, and Fitbit Pay contactless mobile payment methods.
PFS, founded by Noel and Valérie Moran, was the subject of a takeover bid by the Australian group EML last year. The deal was initially priced at A$453.6m but was later reduced by $189m due to the “economic realities” of the Covid-19 crisis.