Mastercard, PFS & Government of Jersey to combat COVID-19 effects with new card scheme

By Megha Bhattacharya

Mastercard and PFS, today, have partnered with the Government of Jersey to develop a card-based stimulus scheme. The companies stated that eligible citizens in Jersey would be posted their own £100 PFS and Mastercard powered Spend Local Card that they can use in businesses across the island until midnight on October 31st, 2020.

Cardholders, after this date, will be advised to retain their prepaid card in the event of a top-up type payment in the future. This forms part of the government’s overall £150 million fiscal stimulus package to help alleviate the economic hardship caused by the pandemic.

Kelly Devine, Division President, Mastercard UK & Ireland, commented, “The COVID-19 outbreak has had a real impact on businesses, and Governments around the world are looking for ways to stimulate their economies. 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. Authorities can target where, when and exactly how much can be spent, and as in the case of the Government of Jersey, focus all of the benefit on the Island’s community.”

According to the companies, the Spend Local card has been developed to provide individuals with the flexibility to spend money. The card can be used in Jersey’s local businesses, including shops, boutiques, etc.

Recently, Square, Mastercard, and the Falkland Islands Government have announced a partnership, Connecting the Falkland, launched as part of the London Tech Week. The new partnership aims to solve the issue of card and digital payment acceptance faced by the Island’s SMBs.

“We’ve enjoyed bringing a fresh thinking FinTech solution to life for families on 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).