Soldo provides prepaid cards for UK social services

Expense and expense management platform Soldo has won the tender to provide payment solutions for Crown Commercial Service (CCS) prepaid cards, enabling public sector entities such as local authorities in the UK to help people in need pay for goods and services using prepaid cards.

FACTS

• Fintech Soldo has been added to the UK government's list of approved payment solutions.

• Soldo joins four other providers on the Crown Commercial Service (CCS) 'Batch 2 Prepaid Cards' list, including Allpay, Prepaid Financial Services, Sodexo Motivation Solutions and Blackhawk Network.

• Soldo's infrastructure is agile enough to be quickly adapted to the needs of local authorities.

• Prepaid cards can be used in a wide range of shops, both large and small.

• In addition, customers can top up the cards with funds as needed at no cost.

• Card features :

  • Acceptance network: Mastercard

  • Functionality restrictions: no contactless, no withdrawals, no online purchases, to minimise fraud

  • Possibility to set up the card for specific uses (daily limits, types of purchases or shops, etc.)

  • Possibility of reloading the card remotely if necessary

CHALLENGES

• Improving the monitoring of benefits: With inflation and the rising cost of living, more and more people are relying on government agencies for financial support. However, the multitude of supports means that funds are spread thin, and tracking these expenditures can be a costly and manual process - consisting of bank transfers, cheques and other vouchers.

• Responding to emergencies: For citizens, this means that they can receive quick, easy-to-use and secure funds to buy food, services and transport for example, without having to wait for bank transfers or vouchers to arrive.

MARKET PERSPECTIVE

• The British FinTech had already made a name for itself when it launched Soldo Care across Europe. This prepaid card is designed to pay out emergency aid to people affected by the Covid-19.

• MasterCard has already made a name for itself on the subject of financial inclusion by partnering with the fintech MoCafi in the context of the Crescent City Card programme of the city of New Orleans. This programme, which aims to simplify access to financial aid and to the city's urban and social services, also illustrates the capabilities of prepaid cards in terms of financial inclusion and the distribution of public aid.