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PFS reports surge in prepaid SME demand amid COVID-19

U.K.-based Prepaid Financial Services saw a 107% surge in prepaid business account product between February and April, amid heightened demand for digital payment use during the COVID-19 pandemic. 

The company recently added a premium business current account to payment offerings, including the ability to use wearable and mobile wallet technology through FitBit Pay, Garmin Pay and Google Pay, according to a press release.

The company said startups and SMEs have increasingly turned to off-the-shelf prepaid business accounts as the pandemic created a greater need for safe and transparent cash-free payment options. 

"We are delighted to be the payment provider of choice for rising challenger banks that want to use our innovative technology platform to disrupt the traditional banking market," Amanda Harrison, head of business development at PFS, said in the release. "We have built powerful, lightning speed APIs to enable our customers to connect in real time to our platform to utilize state of the art consumer and business current accounts easily in the UK and Europe."