Press release

PFS Experiences 107% Increase in Prepaid Business Current Account Usage

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Prepaid Financial Services has added a premium business current account product to its prepaid offering which is also available through Fitbit Pay, Garmin Pay™ and Google Pay. Between February and April 2020, the London FinTech recorded a significant 107.28% spike in usage of the smart payment solution.

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Major jump in the use of PFS Prepaid Business Accounts. (Photo: Business Wire)

Major jump in the use of PFS Prepaid Business Accounts. (Photo: Business Wire)

In lockdown, the off-the-shelf prepaid business accounts have become popular with start-ups and SMEs intent on navigating the complexities of the Coronavirus era with safe and transparent cash-free efficiencies. The prepaid element has become attractive for businesses focused on sticking to budgets via limits that can be set on the accounts.

The speed at which the online and wearables payment solution can be deployed during these unprecedented times makes it a hit FinTech-enabled product with no minimum contract and limited fees. Businesses are seeking innovative ways to manage expenses, travel, payroll, direct debits, transfers and mobile payments.

Amanda Harrison, Head of Business Development at PFS commented: We are delighted to be the payment provider of choice for rising challenger banks that want to use our innovative technology platform to disrupt the traditional banking market. We have built powerful, lightning speed APIs to enable our customers to connect in real-time to our platform to utilise state of the art consumer and business current accounts easily in the UK and Europe.

COVID-19 has proven that multi-channel, digital solutions are essential to move money faster and safer around the world. With our framework, technology, and partnerships in place, PFS has also been able to provide rapid response solutions to our customers to reach the vulnerable via emergency fund disbursement in these challenging times.”

For additional convenience, the prepaid business accounts are mobile payments ready for cashless transactions via smartphones and wearable devices from Fitbit, Garmin* and Google Pay. Full information is available at

About PFS (An EML company)

PFS, an agile and Dual Regulated FinTech, is a Payment Provider of Choice delivering robust payment technology solutions and offers world-class innovation in electronic money. A pioneer in the evolution of the FinTech ecosystem, PFS’ award-winning solutions include eWallets, physical and virtual prepaid cards, IBAN accounts and prepaid consumer and business current accounts in the UK and Eurozone.

PFS is one of Europe’s largest eMoney issuers and has returned profits for 11 consecutive years. With programmes active in 26 countries and growing, the company has the ability to transact in 24 currencies. PFS’ products and state-of-the-art technology platforms are trusted by Governments, Local Authorities, Non-Governmental Organisations (NGOs), Mobile Network Operators (MNOs), Traditional Banks and a comprehensive list of Corporates.

PFS is chosen by other FinTechs to revolutionise the digital economy in real-time. The company develops a range of trendsetting mobile payment and wearable solutions securely and seamlessly by providing quick and easy integrations into mobile payment applications.

Prepaid Financial Services Limited, trading as PFS, is Authorised and Regulated by the Financial Conduct Authority in the United Kingdom. PFS Card Services Ireland Limited, trading as PCSIL, is Authorised and Regulated by the Central Bank of Ireland.

Discover more about PFS’ next-generation payment solutions by connecting with

Explore the future of prepaid financial solutions today, as the world moves towards a cashless society tomorrow, by visiting:

*Garmin International Inc. is a subsidiary of Garmin Ltd. (Nasdaq: GRMN). Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin is a registered trademark and Garmin Pay™ is a trademark of Garmin Ltd. or its subsidiaries.