An organisation that replaced the old UK Government voucher scheme with prepaid cards in tackling food poverty has been saluted as Financial Inclusion Project of the Year at the 2021 FS Tech Awards.
It’s a win that recognises the work of top FinTech allpay working alongside their client on a payment solution to transform its healthy food scheme.
The FS Tech Financial Inclusion Award celebrates using technology to enhance the socially responsible aspects of its business. Examples include: the development of new digital products to promote financial inclusion among the underbanked; innovative salary and benefits management tools; apps or schemes to drive financial education among certain customer demographics, such as the under 16s or over 65s; community or staff volunteering programmes that raise financial awareness and improve financial well-being; and the utilisation of technology to consume energy more responsibility or improve green credentials.
The allpay initiative enabled the disbursement of vital funds to low-income households.
Utilising the technology provided by allpay, the recipients of the funds experience reduced stigma and increased payment security.
And the client got full autonomy over the funds it was disbursing, managing the scheme through a streamlined, automated process supported by advanced analytical tools to use. The prepaid card programme targeted families with children under three who are eligible for certain income benefits. The card can be used for the purchase of “healthy” products from retailers free of the requirement to register that came with the voucher scheme – with the card accepted in any grocery store displaying the Mastercard logo.
Unlike the voucher scheme, the client could analyse where and if, the funds are being spent, providing improved auditing capability.
And the card came with the added advantage of removing the stigma attached to using a voucher. Having gone live in August 2019 the prepaid cards continue to be utilised and provide real value for the underserved.
The cards for each nominated category were produced, manufactured and personalised in-house by allpay.cards, the card manufacturing arm of allpay.
“We are delighted to have won the Financial Inclusion Project of the Year at this year's FS Tech Awards. Working with our client on the transformation of their programme has provided a key milestone for our Prepaid Solution.
We have seen the great potential of utilising Prepaid for the disbursement of funds and the benefit to both our Clients and their Customers. Being able to highlight this in successful nominations across the payments landscape is great to see” said Tony Killeen, Managing Director, allpay Limited.