Park’s prepaid card scheme takes off

SAVINGS and vouchers schemes operator Park Group has said that take-up of its pre-paid card product flexecash has increased considerably since October and it has now almost doubled the number of corporate customers offering the scheme to staff.

The Wirral-based company gained Financial Services Authority approval for the product in March and launched it in June. By the end of September, it had signed up 51 corporate customers.

The firm issued a trading statement this morning stating that the number had increased to more than 100, with some of the organisations offering the scheme including Lloyds TSB, AXA Insurance Services and Standard Life.

It has also signed up 22 retail clients – up from 13 at launch in June. Retail clients include Argos, Boots, Comet, Debenhams, Early Learning Centre, Halfords, HMV, Iceland, Matalan, and TJ Hughes, among others.

Chris Houghton, Park’s Group managing director, said:  “We are delighted with the way flexecash is being received. Interest and uptake has exceeded expectation.  The early indications are very encouraging and justify the substantial development cost and meticulous planning and preparation for this innovative product.”