I genuinely believe that without the work PIF does, there are many players in the space that may not have survived. I also strongly believe that with PIF's help in maintaining and improving the reputation of the industry, we have seen and continue to see huge investment into the industry.
PIF is not-for-profit, everything PIF does is to support the industry and its members. Without that selfless support the industry would be left unable to respond to the inaccuracies of journalists and the misunderstanding of law enforcement and politicians.
As the majority of companies in our sector are relatively new and small (compared to the incumbents) it is really important to have a unified industry body that collectively speaks for the community at a regulator level and with a voice to the press and media. PIF has been doing that for over a decade and has had many 'wins' that would have been impossible for individual members to achieve.
Regulation is a major challenge facing our industry. Properly managed it can be an innovation enhancer. Proof of this has been the role played by the PSR and FCA in encouraging a more innovation friendly approach to our industry. PIF has played a major role in shaping this. This is the main reason we joined PIF and will continue to be a member.
We are an industry that is proud to be the bedrock of a vast array of new fintech propositions, yet our industry is sometimes misunderstood. PIF is best positioned to lead the way, professionally and with the ability to engage with regulators, de-mystify and strengthen the position of prepaid and fintech to the benefit of members, partners, regulators and consumers.
Without PIF, I believe that the term prepaid would still have negative connotations, which was very evident when the product first launched. But through PIF and businesses applying good practice and driving that change it has enabled businesses to achieve the benefits of prepaid solutions which have a breadth of appeal for consumers; from the vulnerable being able to receive social and benefit payments to mainstream product propositions.