UK-based Prepaid Financial Services has inked Slovenia’s Nova Ljubljanska Banka (NLB) to launch a white-labelled, contactless prepaid MasterCard card and mobile sticker product.
The program was soft launched at the end of 2015 and following substantial interest from millennial customers, has now been rolled out across all NLB branches in Slovenia.
PFS is both the card issuer and technology provider – responsible for the creation, implementation and management of on-going operations. The project took around 5 months to complete – a much shorter timescale than could be expected for a bank to build its own prepaid infrastructure and 3,000 customers signed up for the product within the first two months.
The solution involved utilizing one account accessible by a prepaid card and/or the prepaid sticker. This allows the consumer to be able to transact for small amounts in a contactless environment with both products but only utilize the card for larger amounts. The card and sticker are sold in the NLB branch environment and also are loadable directly from the customer’s NLB bank account. NLB staff use the PFS middleware platform to register cardholder details in branch and to load cash to the prepaid card real-time.
In order to reach a younger, tech savvy audience, the new NLB prepaid cards and stickers are being promoted via television advertising based on a Star Wars, Matrix, and 5th Element parody.
NLB Bank is Slovenia’s largest commercial bank and currently provides bank accounts to over 60% of the population. In 2014 the Bank introduced contactless cards to its own debit and credit card portfolio, a demonstration of its commitment to providing clients with innovative, convenient and secure payment services.
Prepaid Financial Services (PFS) is a payments technology specialist offering a comprehensive range of e-money and banking solutions including e-wallets, physical and virtual prepaid cards and current accounts in the UK and the Eurozone. Authorized and regulated by the FCA in the UK, PFS has pass ported its e-money license across the SEPA region to enable card issuance throughout the region.
Founded in 2008, PFS is now one of the fastest growing issuers in Europe, with programs live and active in 23 countries with the ability to transact in 20 different currencies. Its products and cutting-edge technology platforms are utilized by governments, local authorities, mobile networking operators, banks and corporates globally.
PFS has been listed within the top 25 fastest growing technology companies in the UK by the Sunday Times Tech Track 100 for 3 consecutive years and most recently ranked number 108 in Deloitte’s EMEA Technology Fast 500.
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