Transaction Network Services UK Ltd (TNS) is launching a new pre-pay electronic payment card facility, allowing financial institutions to offer their customers an alternative to traditional payment cards. The card is aimed at those who are ineligible for, or choose not to use, a conventional payment card, such as people with credit problems, temporary residents, or those wanting to minimize their exposure to card not present fraud.
“The growth of credit and debit cards has created a plastic society,” says Alan Stephenson-Brown, Business Development Director, TNS. “But this phenomena still leaves hundreds of thousands of people behind, that may either be ineligible for a debit or credit card or don’t want to have one. Introducing this new facility will enable banks, building societies and other financial institutions to broaden their offering and fill a need within their customer base.”
TNS will use its existing infrastructure to load the payment cards with funds so customers could top-up their cards either in a branch, at a retailer’s point of sale, via dedicated kiosks, or over the telephone. This new payment facility from TNS represents an opportunity for smaller organizations, unable to access or develop this technology in-house, to not miss out on this growing payment market.
Statistics from APACS report that around 11% of adults in Great Britain do not hold a current account, yet an electronic payment card is becoming increasingly crucial for transactions, such as shopping online or renting a car. According to TNS, there is also an opportunity for pre-pay electronic payment cards in developing nations, where conventional payment cards are less prevalent.