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Smart Voucher Announces FSA Authorisation For E-Money Status

Smart Voucher Announces FSA Authorisation For E-Money Status

1 August 2006

The UK-based company that introduced cash payments to global online transactions, announces that it has received authorisation from the Financial Services Authority (FSA) to operate as a regulated e-money issuer. Smart Voucher Limited intends to 'passport' this regulated status into all markets in which it currently operates including the Republic of Ireland, Germany and Spain over the next month, and into those countries in which expansion is planned including the Netherlands, Belgium, Austria, Poland, France, Italy, and Greece.

This opens the way for Smart Voucher to aggressively promote its services to a wider range of Payment Service Providers, redeeming merchants, issuing retailers and consumers throughout Europe and in the Near East, and give it an increased competitive edge over unregulated companies that operate in this sector and that are likely to come under increased scrutiny by the regulators.

Mark Chirnside, Operations and Development Director of Smart Voucher Ltd, says: "Becoming a regulated e-money issuer qualifies us as only one in five electronic payment providers able to legitimately issue e-money in the EEA, and gives us the ability to compete on the fairest terms with the banks, bringing greater protection for consumers and online merchants, and bringing valuable new revenue streams."

The new certification (FSA: 447811) enables a single maximum online cash payment transaction to increase to £500/€750. Until now, the company has held the UK Financial Services Authority's Small E-Money Issuer Certificate, with a limit of £100 (€150) for each online transaction.