Page 60 - Pay Magazine s2014

paybefore awards europe
BoundaRy BusteR
Best use of prepaid in a new market segment or industry that (1) expands the reach of prepaid and (2) creates a new vertical market
or prepaid business opportunity, solves a payments or customer service issue, or establishes prepaid as a foundation for emerging payments during the past year or over many years.
Bread4Scrap
Payment Card Solutions
Partners: MasterCard Worldwide, IDT Finance, Carta Worldwide, Nitecrest
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When a 2012 British law effectively banned cash from all scrap metal payments to reduce metal theft, Pay- ment Card Solutions (PCS) recognized an opportunity to introduce prepaid to a new sector. The company successfully campaigned lawmakers to include prepaid e-money ac- counts as a suitable alternative and, in Decem- ber 2012, PCS launched Bread4Scrap (B4S), a platform combining a prepaid EMV MasterCard with a corporate lending portal to offer an easy and efficient payment solution to an industry that previously relied on stacks of crumpled paper bills.
Bread4Scrap is an elegant solution that solves a real-world problem in a not so elegant industry.
winneRs EE Cash on Tap EE Ltd.
mpass
Wirecard AG
With the sector largely unfamiliar with prepaid, the program required a hands-on approach to training and implementation, including multiple site visits to scrapyards to build trust and approval. The program had to be financially attractive enough to entice clients to switch from paper payments, while ensuring compli- ance with new requirements. With immediate online KYC, PIN-based instant issuance and instant-load capabilities, B4S enables clients
to make payments quickly and legally, while reducing cash-related costs, including insurance and security.
PCS wasted little time putting the pedal to the metal. In the first two weeks of B4S’s opera- tion, the company issued 25,000 cards across about 40 scrap metal locations, primarily in Southeast England. A year later, more than £60 million (US$100 million) had been loaded onto the platform, with more than 1 million transac- tions processed. More than 75 percent of all cards have been reloaded multiple times, and B4S has grown to over 100 sites—an expan- sion largely driven by positive word-of-mouth and customer recommendations.
PCS isn’t done busting boundaries. In early 2014, the company expanded the B4S model to other cash-based businesses.
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