THE GIFT Voucher Shop (GVS) Group has announced the launch of a new subsidiary company, GVS Prepaid Limited.
The new company will act as an emoney issuer for the GVS Group and third party card clients.
GVS Prepaid has being authorised to issue electronic money by the UK Financial Conduct Authority (FCA) and has been accepted as a principle member of Visa Europe.
From 1st October 2015, Gift Voucher Shop Prepaid Limited will become the sole issuer of One4all Gift Cards and Rewards Cards in the UK, bringing issuance of these products in-house, and replacing the Bank of Ireland Group as issuer.
GVS Prepaid Limited is to draw on the years of experience it has developed to fast-track plans to launch new e-money products, expand into international e-money and prepaid markets and further develop its third party e-money issuance offering.
The company has already secured its first third party clients as leading petroleum retailers, Topaz Energy and Applegreen, and is exploring partnerships with leading retail groups and prepaid card programme managers.
Declan Byrne, managing director at GVS Prepaid, said: “With the rapid growth of our One4all range and our ambitious development plans it made sense to bring issuance of our products in-house..
“With GVS Prepaid we are very well positioned to develop our third party issuance business and take advantage of the growth of the international prepaid market.”
Michael Dawson, group CEO of the Gift Voucher Shop (GVS), welcomed the launch of GVS Prepaid Limited, adding that: “The new company will enable GVS Group companies to accelerate their product and market development plans and further build on the innovation that has brought the One4all brand to its current market leading position.”
The One4all Gift Card is the market-leading, multi-retailer gift card, popular for the choice it offers customers, and is currently accepted in store and online at more than 26,000 outlets across the UK and Ireland.