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Prepaid cards group’s demise highlights regulatory gap in Dublin e-money hub

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Prepaid Cards,Dublin,E-Money Hub

Almost four years later, the company had still failed to convince supervisors in Dublin that its systems and governance were up to speed. And documents filed with the High Court this week – as the company raised the white flag – show PCSIL was also in the crosshairs of financial authorities in France and Spain. Prepaid cards have been around since the 1990s. But this segment of the financial world, which facilitates cashless shopping and digital transactions for people who do not have access to other forms of electronic payments such as standard debit or credit cards, has been growing rapidly in recent years – accelerated by the pandemic. The parent of PCSIL was set up in 2008 by Navan native Noel Moran and his wife Valerie, originally working from the kitchen table of their London apartment in Paddington. US-based Allied Market Research estimated in a report last year that the global prepaid card market will grow from $2.5 trillion (€2.3 trillion) in 2022 to $14.2 trillion in 2032

Almost four years later, the company had still failed to convince supervisors in Dublin that its systems and governance were up to speed. And documents filed with the High Court this week – as the company raised the white flag – show PCSIL was also in the crosshairs of financial authorities in France and Spain. Prepaid cards have been around since the 1990s.

But this segment of the financial world, which facilitates cashless shopping and digital transactions for people who do not have access to other forms of electronic payments such as standard debit or credit cards, has been growing rapidly in recent years – accelerated by the pandemic. The parent of PCSIL was set up in 2008 by Navan native Noel Moran and his wife Valerie, originally working from the kitchen table of their London apartment in Paddington. US-based Allied Market Research estimated in a report last year that the global prepaid card market will grow from $2.5 trillion (€2.3 trillion) in 2022 to $14.2 trillion in 203

 

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