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Prepaid Card Business Continues to Boom PPRO, specialists in international electronic payments and providers of e-money accounts and prepaid credit cards for companies and individuals have recently issued their millionth card all of which are processed and running on market leading processor, Global Processing Services’ (GPS) platform. The London-based PPRO Group was founded in 2006 and has been issuing prepaid MasterCard and Visa credit cards since 2012. Since then, the number of users has continuously increased, a trend which is mainly derived from the central European markets. “Issuing our millionth reloadable card is a major milestone for us and strengthens our product portfolio. We would like to thank our customers from all over Europe and we hope to add many more to their number over the next few years,” comments Tobias Schreyer, co-founder and Chief Commercial Officer of the PPRO Group.
GPS is an award winning global processor for both established emerging payments companies and the most innovative Fintech businesses. Certified with both MasterCard and Visa, GPS can offer a global solution with access to banking schemes such as Bacs and SPayments Association. The platform is agile, providing a level of flexibility and control which is passed to the payment operators. “The GPS platform has always been known in the industry for its flexibility,” said Suresh Vaghjiani, Managing Director (EMEA) at GPS, “but by working with PPRO we can highlight our ability to handle high volumes. The growth of PPRO has been exceptional and we are proud to work with them and we expect them to reach 2 millions customers in record time!”
The rise of electronic and cashless payments has become increasingly apparent over the past few years. Studies show that, even in cash-loving countries like Germany, Italy or Austria, card sales have increased eightfold over the past 20 years. Cash now accounts for just 53.3 percent of the total sales in German brick-and-mortar retailers1. One reason for the increase in cashless payments may be the recent regulatory changes in interchange fees (inter- bank fees). These were heavily reduced at the end of last year, considerably decreasing the cost to retailers of accepting credit cards.
The PPRO Group’s prepaid card program for companies comprises five different solutions: CrossCard Purchase, for example, enables companies to make corporate purchases and travel bookings using virtual credit cards. CrossCard Expense is a company credit card for covering travel expenses, while CrossCard Payout is used for paying out commissions, salaries and other income. CrossCard Reward can be used to pay for tax-free benefits in kind and gifts for partners and employees, while CrossCard Assistance allows users to make local payments to insurance and car companies in emergency situations. All CrossCard MasterCard and Visa cards can be used all over the world, and funds can be instantly reloaded or withdrawn at any time.