The European Central Bank has issued a set of recommendations to promote the security of payments made over the Internet: http://www.finextra.com/News/Fullstory.aspx?newsitemid=23638
PIF research has revealed that the frequency of spend on consumer loaded cards has nearly doubled and that year-on-year average load values have grown nearly three times. It also noted that Polymath Consulting analysis reveals the number of consumer loaded prepaid card programmes has grown significantly in the past four years, from just 50 in 2007 to 229 in 2011. The PIF Data Aggregation Service was launched in the UK in 2008 and data is collected from prepaid card programme managers (including banks) as well as BIN sponsoring banks. Data collected represents between 50 and 75 percent of the UK prepaid card market. In order to fully analyse industry developments the data is broken down into four categories; government/corporate loaded schemes; consumer purchased non-reloadable/gift schemes; FX/travel/currency cards and consumer loaded cards.
Other highlights of the Q4, 2011 research include:
- In the area of consumer purchased non-reloadable cards the average spend per transaction increased by some 20% between Q3 and Q4
- In looking at FX/travel currency cards, average spend per transaction had increased by around 50% in the previous year, but this fell somewhat in the third quarter and remained flat in Q4
- Open loop government and corporate cards are used once every two to three weeks on average
Prepaid International Forum (PIF) today announced that Robert Courtneidge, who will shortly join US law firm Locke Lord as Global Head of Cards & Payments, has been elected as Chairman of the forum and will join the Board of Directors. It further announced the appointment of four new Directors – Craig James, CEO of Neopay Ltd, Judith Rinearson, a partner in Bryan Cave LLP’s New York offices, Peter Sidenius, Director, Edgar Dunn & Company and Paul Stanley, CEO at ReD.
Mr Courtneidge has been involved in the development of PIF since its establishment in June 2007, as Co-founder and the Chairman of PIF’s Legal and Regulatory Working Group. He replaces Ken Howes, who had been Interim Chairman of PIF and has played a key role in driving the growth of the forum.
PIF is a not for profit global forum open to all parties participating on a commercial basis in the prepaid economy. As well as providing an industry voice and enabling the cross-industry prepaid sector to communicate with national and international regulatory bodies, it provides research and thought leadership, a catalyst for the creation of international standards and a forum for members to consider and address evolving changes in the prepaid economy. PIF has also facilitated the development of cross-industry guidelines and codes of practice.
In addition to the new appointees, current members of the PIF Board are Virginia Ann Holman, Group Executive, Global Corporate Marketing and Communications, TSYS, Michael Mueller, CEO of paysafecard group and Mike Smith, Director, Raphaels Bank.
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