Prepaid Prime Cards ramp up corner store revenue

London, UK 08th February, 2008: IDT Finance today announced that its Prime Card is now available for instant issue in 16,000 stores across the United Kingdom. Available in independent local convenience stores as well as Total Garages, Rippleglen shops and Martin McColl’s Newsagents, Prime Card is one of the most widely available over-the-counter prepaid cards on the UK market

The prepaid card market has grown rapidly over the last few years, finding a perfect partner in the convenience of the corner store. With MasterCard® predicting prepaid card spending in the UK and Europe to reach US$164bn by 2010, the prepaid card market opens up a completely new revenue stream for the convenience store retailer.

Prime Card was the first instant issue prepaid MasterCard®, available over-the-counter nationwide giving it an edge over other players in the prepaid market. With no forms to fill in, retailers simply swipe the Prime Card and sell. Stock is supplied free-of-charge and therefore there is no financial risk for the retailer if cards remain unsold.  IDT Finance support retailers with stock auto-replenishment and free Point of Sale marketing collateral.

Despite the influx of prepaid card providers entering the market place, IDT Finance has experienced strong growth since its launch in October 2006 and the daily card transactions have more than doubled since IDT Finance introduced the upgraded reloadable card in October 2007.

Mitesh Singard, Shaftesbury News, said: “We are now selling at least one Prime Card every day of the week. That’s about an extra £500 a year for doing nothing!”

Initially developed to give the migrant and unbanked markets access to instant plastic, the Prime Card is not linked to the customer’s existing banking or financial data. This feature has made it an ideal card for online shopping, giving users peace of mind against identity theft and online fraud in relation to existing bank accounts. Additional uses include as a gift card or for parents to give to their children as an alternative to pocket money.

“The Prime Card has gone from strength to strength since it was introduced into the UK market in 2006. Our unique distribution network, that includes both over-the-counter and online, has allowed us to effectively cater for all our target audiences including the unbanked and migrant communities,” said Jamie King, Director, IDT Finance.

IDT Finance has one of the most comprehensive range of prepaid MasterCard® offerings on the UK market. The Prime Card range includes disposable and reloadable cards and the option to have a second card on the same account.