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UK-based fintech firm Prepaid Financial Services Ltd (PFS) has appointed smart card manufacturer Thames Technology to produce as many as 105,000 payment cards.

Thames Technology has produced ‘Spend Local’ prepaid Mastercard – the world’s first card-based stimulus scheme.

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PFS has joined forces with the government of Jersey to deliver these cards under a £150m stimulus package to mitigate the impact of the Covid-19 pandemic on the economy.

All eligible Jersey island citizens will get their own Spend Local card with £100 balance.

Valid until October 2020-end, cardholders can spend this amount on businesses across the island.

Once this amount is fully utilised, they are advised to keep the card in case the government releases another stimulus package.

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Thames Technology general manager Che Colford said: “We were proud to be selected by PFS to support this important Government project, which involved us manufacturing and personalising over 100,000 base cards at our end-to-end facility in Essex, UK, in less than 4 weeks.

“We recognised the importance of this world-first initiative to Jersey’s local economy immediately. PFS and Mastercard’s commitment to ensuring the Spend Local card programme’s success was evident from the start, so it was an honour to play our part.”

PFS head of project delivery and logistics Amit Sharma said: “We are delighted to have partnered with Thames Technology in delivering this programme in record time with the Thames pulling out all the stops to ensure that we were able to deliver on time; their support on weekdays and weekends driving up to the launch has been world-class.

“Personally, this has been an incredibly rewarding project to have worked on with Jennifer Breen, the Lead Project Manager at PFS and to have the opportunity to support an initiative making a tangible difference to Jersey’s economy and people’s livelihoods.”