Prepaid Financial Services Limited (PFS), a European eMoney issuer, announced on Thursday it has formed a partnership with the Government of Jersey for a COVID-19 stimulus program. PFS will enable its spend local prepaid Mastercard initiative with 105,000 cads.
PFS further reported that 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. Following 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. While sharing more details about the program, Senator John Le Fondré, Chief Minister of Jersey, stated:
“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.”
Lee Britton, CCO at PFS, also commented:
“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.”
Founded in 2008, PFS provides payment technology solutions by offering comprehensive innovations in e-money. PFS is Authorised and Regulated by the FCA in the UK as an electronic money institution and has passported its e-money license to enable e-money issuance in the EEA.