FinTech company PFS has created an innovative economic stimulus programme to help during the pandemic, using prepaid Mastercards to ensure stimulus is spent promptly and locally.
Countries around the world are trying to keep their economies strong during the coronavirus pandemic using various economic stimulus methods, from the UK's Coronavirus Job Retention scheme to direct stimulus cheques in the US. The self-governing channel island of Jersey has come up with its own method, and has joined forces with Ireland- and UK-based FinTech firm PFS to implement it.
In partnership with the Government of Jersey, PFS issued 105,000 prepaid Mastercard cards to those living on the island. The government is issuing a £150m stimulus package to help alleviate the economic pressures of the pandemic. Stimulus programmes can often have additional overhead costs and take a lot of time to implement correctly, but using prepaid cards cut the turnaround time down to just 4 weeks.
Eligible citizens in Jersey are being posted a £100 Spend Local Card can they can use anywhere on the island, with an expiration on the funds of October 31st 2020 to ensure the stimulus is used promptly and locally. People can also hold onto their cards as further rounds of funding could be added to it in the future to make it an ongoing support package.
PFS aims to offer its solution to other countries across Europe considering similar stimulus packages, as it's designed to work with any government in Europe.
Kelly Devine, President, Mastercard UK & Ireland commented on the scheme: "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."
Source: Written based on press release
