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New Customer Notice


Notice to our customers about changes to our terms and conditions

Changes are coming…….

Due to changes in regulation of Payment Services Providers, namely the Payment Services Directive 2 (PSD2), we are updating our Terms and Conditions from 13th January 2018. The Regulations are based on an EU Directive designed to increase benefits for customers across Europe by enhancing the transparency and standardisation of service terms and conditions.

What it means for you?

  • Better protection against fraud
  • More control over your finances
  • Increased options and improved services

Pfs Card Loading PSD2


If you are not happy with the changes, you have the right to terminate the agreement free of charge and with effect at any time until the 13th January 2018. Any use of your prepaid card after 13th January 2018 will assume acceptance of the changes to the Terms and Conditions. To review these Terms and Conditions please click here

FAQ’s – PSD2

What is PSD2?

The Payment Services Directive (PSD) was adopted in 2007. This legislation provides the legal foundation for an EU single market for payments, to establish safer and more innovative payment services across the EU. The PSD2 is the latest update of the directive which was introduced to open competition in the market and increase protections for consumers.
What are the main objectives of the PSD2?

Its main objectives are to:

  • Contribute to a more integrated and efficient European payments market
  • Improve the level playing field for payment service providers (including new players)
  • Make payments safer and more secure
  • Protect consumers
  • Encourage lower prices for payments

What does it mean for prepaid card industry?

E-Money institutions fall under the PSD2 scope as payment service providers, so they must adhere to the rules.

What changes will card programmes see?

Changes to terms and conditions which will include the scope for AISP and PISP to have access to cardholder accounts where the cardholder has agreed a service with the third parties. We are obliged to open the API to provide this access. Terms and conditions around this has been added.

Other changes to terms and conditions include changes to the timelines for Complaint handling, reduction of the unauthorised transaction fee from £100 to £35 or €50 where applicable, details in exchange rates calculation, alternative dispute resolution options and the need for a Complaint Process in the language of the payment service users, on the website, separate from the Terms and Conditions unless a single language is agreed.

Operational changes will include but not limited to Security and Operational incident reporting requirements and annual reporting requirements on same.

When does this come into effect?

The PSD2 comes into effect on the 13th January 2018. The new Terms and Conditions will apply from that date.

When will the Terms and Conditions be available for distribution?

Terms and Conditions will be available by the 1st December from the Account Management team.

What should I do then?

The updated terms and conditions should be made available on your website to ensure cardholders are aware of the changes and accept them.

What should I do if I have any questions?

Any questions on PSD2 should be directed through your account manager to the Compliance team.