10 million prepaid UK cards & counting...

I used to think that the pre-paid debit/credit card market in the UK was quite small, having been imported from the good ol' U S of A, but figures releases by PrePay Technologies late last week suggest that the market is big - and getting bigger.

The firm claims to have issued 10th millionth prepaid card under its various prepaid card programmes. Not bad for a company that was only established in the year 2000!

The company says it now manages accounts for blue chip companies such as Debenhams, Comet, Ticketmaster, Mirror Group Newspapers, the Rugby Football Union, Capital Incentives (ACCOR), Clydesdale Bank, Yorkshire Bank, Arcadia Group (Top Shop, Top Man, Burton, Miss Selfridge, Outfit, Evans, Dorothy Perkins, Wallis), Laura Ashley, Western Union, Family Fund and the Grass Roots Group.

So where are we headed with prepay cards? The company isn't saying, but reading through its promotional blurb suggests that a sizeable minority of the population has a naff credit rating - so naff, in fact, that they can't get a debit card.

And it's this area of the market, as well as the gift market, that PrePay Technologies is targeting...