Mastercard and PFS have partnered with the Government of Jersey to develop a card-based stimulus scheme in a bid to tackle the economic impacts of Covid-19 pandemic.
The partnership will offer a £100 PFS and Mastercard powered Spend Local Card to all eligible citizens in Jersey. They can use the card in local shops in Jersey until 30 October 2020.
After this date, cardholders can retain their prepaid card to be used for top-up type payment in the future.
Mastercard UK and Ireland division presidentKelly Devine said: “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.”
The Spend Local card is designed to offer flexibility to individuals on how they spend their money.
The card can be used physically at shops, retail outlets, boutiques, cafes and restaurants, in addition to purchasing services such as car valeting, personal training, and gardening.
It can be also used to pay for sporting activities and experiences.
PFS CCO Lee Britton said: “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.”
This initiative is said to be part of the government’s overall £150m fiscal stimulus package to help ease the economic impact of the pandemic on the people and businesses.
Jersey Chief Minister and Senator John Le Fondré said: ‘’This scheme will give Islanders a positive way to support local businesses that have worked hard to adapt to the impact of Covid-19 and look after their customers in a safe way.
“The pandemic caused businesses across all sectors in Jersey to suffer. And while the Government has provided support through a range of measures, this scheme allows Islanders the opportunity to go out and treat themselves by supporting local Island businesses.”
Meanwhile, Mastercard recently partnered with Zimbabwe’s national payment switch Zimswitch to help accelerate the digital transformation of the payments sector in the country.