Unique COVID-19 stimulus initiative launched in Jersey

by Startacus Admin

PFS, a leading player in the FinTech ecosystem supports the World's First COVID-19 Stimulus Payments Programme of its Kind in Jersey...

Innovation in the FinTech sector with the news that PFS is partnering with the Government of Jersey via its unique spend local prepaid Mastercard initiative. The initiative is part of the government’s overall £150 million fiscal stimulus package to help alleviate the economic hardship caused by the pandemic.

From today onwards, all eligible citizens in Jersey will be posted their own £100 PFS-powered Spend Local Card that they can use in businesses across the island until midnight on October 31st, 2020.

After that date, cardholders are being advised to retain their prepaid card in the event that there could be another stimulus package announced in the future. The PFS solution turned around in just 4 weeks is designed to work with any government in Europe.

Senator John Le Fondré, Chief Minister of Jersey explained: ‘’This scheme will give Islanders a positive way to support local businesses that have worked hard to adapt to the impact of COVID-19 and look after their customers in a safe way. The pandemic caused businesses across all sectors in Jersey to suffer. And while the Government has provided support through a range of measures, this scheme allows Islanders the opportunity to go out and treat themselves by supporting local Island businesses,''

“This innovative solution offers a real alternative to stimulus packages delivered through local tax or benefits systems, giving greater precision for the spending of the funds,” commented Kelly Devine, President, Mastercard UK & Ireland.

‘’We've enjoyed bringing a fresh thinking FinTech solution to life for families in the beautiful Island of Jersey. The government's Island-centric, spend local aspirations aligned perfectly with our payment solutions suite. We look forward to working closely with the Jersey Government to ensure a successful Spend Local Cards programme and possible future financial technology collaborations,’’ said Lee Britton, CCO at PFS (a company of EML).

The Government of Jersey has embarked on an island-wide awareness campaign on how to use the cards and where the funds can be spent. People who cannot leave their home during the pandemic can use the funds with local businesses that accept Mastercard payments over the phone.

Innovation like this is always welcome but especially now, when that innovation will help so many people who have been affected by the covid pandemic.

Interested in reading up on more Covid-19 innovation and initiatives?

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Published on: 10th September 2020