Virgin Money provides a wide range of savings, mortgages, credit cards, pensions, investment and protection products. PrePay Solutions launched one of the UK’s first major General Purpose Reloadable (GPR) card programmes for Virgin Money in 2006.  PrePay Solutions took on the role transaction processing, e money issuing, eWallet provision, compliance and fraud services, supply chain management and customer services, whilst Virgin Money took responsibility for programme management, marketing and distribution.  Clydesdale Bank took on the role of BIN sponsor.

“Innovative projects like these not only demonstrate our experience in GPR programmes, but also our commitment to opening up the prepaid market to more consumers than ever before,” says Rachelle St ledger, Commercial Director Retail & E Commerce, PrePay Solutions.  “Virgin Money’s GPR card was not only the UK’s first 100% acceptance prepaid card, but also helped Virgin Money to dominate the ‘value’ section of card comparison charts, thanks to its unique and highly flexible tariff structure.”

Key features of the programme included:

• Strong branding – a Mastercard® branded GPR card issued in British Pounds Sterling
• Personalisation – the ability to distribute personalised cards online
• Easy loading – cash loading available at PayPoint, Post Office locations in the UK and via debit, credit card and bank transfer
• Simple tariffs – the creation of a cardholder tariff defined by both Virgin Money and PrePay Solutions
• Self-service options – online customer account self management
• Dedicated support – Full customer support provided by PrePay Solutions

Key innovations of the programme included:

• Guaranteed acceptance – the UK’s first 100% acceptance prepaid card
• Flexibility and value – unique switchable tariff between Pay As You Go and Pay Monthly, which enabled Virgin Money to lead the comparison site value charts
• Application via SMS – the UK’s first SMS application process, which helped to increase sales by 30%
• High-profile distribution – brand extension and physical distribution in over 1,000 locations via WHSmith and Clinton Cards
• Client-branded service – a dedicated customer service function that was branded and delivered as Virgin Money
• Anti-fraud protection – an expert fraud prevention team to protect Virgin Money’s reputation, ensuring no major fraud issues after more than six years of operation
• Multiple currencies – the launch of US dollar and Euro prepaid travel money cards in September 2013
• Broad scope – the migration of another programme into PrePay Solutions in October 2013

In addition to its work with Virgin Money and EE, PrePay Solutions has launched GPR programmes with partners that include Western Union, Clydesdale Bank, Yorkshire Bank Daily Mirror Newspaper Group, Ticket Surf International and Central Telecom.