“The UK banking sector has a responsibility to provide some form of basic bank account to every individual, whatever their situation and is vital to easing poverty. A financially inclusive UK and promotion of wider trust in the banking sector should therefore be key objectives for the
Prepaid programmes such as APS CashPlus and The Change Account can offer an alternative solution to traditional banking. The Change Account provides a transactional account for those that don’t have the ability to open a traditional bank account. Its budgeting tools and lack of an overdraft facility can help protect people from entering into debt.
Since 2007, there has been a 380% rise in the selection of prepaid card products with 2% of prepaid cards being used in the UK as an alternative to bank accounts.
Helen comments: “Prepaid cards such as the APS CashPlus program in effect offer a complete ‘quasi-banking’ solution without the risk of overspending and creating debt. They can also provide a useful credit repair solution and assist those who are underserved, on the basis that there are no credit checks.”
About Helen Child
Helen Child is the founder and former CEO of the UK’s first E Money License Issuer to be awarded Prepaid Issuing status by both MasterCard & Visa. Helen is the leading consultant at Striding Edge and heads an experienced team of prepaid card and payments experts. Through her Striding Edge consultancy, Helen provides strategic and practical support to banks and organisations that are seeking to develop or increase their footprint in the European market.
She is a published author and industry speaker. A founding member of the Prepaid International Forum; the global, not for profit prepaid card industry forum. She’s proudly served as a Council Member of Lancaster University.