Industry SectorsFinancial ServicesAFEX launches prepaid MasterCard for corporates

AFEX launches prepaid MasterCard for corporates

The prepaid card is described as an all-in-one corporate solution to manage employee payments.

AFEX, the non-bank provider of global payment and risk management solutions, has launched the PayFEX prepaid MasterCard, as part of comprehensive end-to-end prepaid card-based corporate payment programme in partnership with prepaid cards issuer Wirecard Card Solutions and pan-European programme manager Payment Card Solutions (PCS).

The programme enables multiple cards to be managed on a single platform with a responsive online portal to manage expenditure limits, add or withdraw funds and produce comprehensive reports. The portal also enables eligible card users to capture and upload receipts via their smartphone, with the ability to add accounting categories and segregate value added tax (VAT). Firms with a presence in the Single European Payments Area (SEPA) are eligible for PayFEX and the cards may be issued to all their employees or customers for corporate use.

AFEX says that the new card is designed for companies whose employees travel extensively and those that employ people either on a seasonal basis or reside in countries where the firm doesn’t have a physical presence. With multiple applications, it expects the PayFEX card to appeal to a wide range of companies including those in the shipping, haulage, construction, travel management, business aviation, legal and oil and gas industries.

PayFEX is issued in three single currency cards – euro (EUR), dollar (USD) and sterling (GBP). There are no set-up fees, point of sale fees or annual fees. There is a fixed fee for out of card currency spend plus a small load fee and automated teller machine (ATM) fee for cash withdrawals. PayFEX is also available as a virtual card, designed specifically for online transactions.

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