Friday, July 11, 2008

New Prepaid Accreditation Scheme Introduced

The prepaid industry has been experiencing some bad press. This has led to the creation of a new accreditation system by Prepaid International Forum (PIF) as reported on SibosOnline. The PIF is comprised of over 40 members including MasterCard, JPMorgan Chase, and American Express.

For now, the scheme is for members only, who if compliant, will be given an accreditation certificate and license to use the PIF accreditation symbol. Compliant companies will still face periodic review, and PIF will retain the right to with withdraw the certificate and license.

Chairman of PIF, Chris Reddish, made this statement to the press,

“Today’s announcement represents a significant step forward for the prepaid industry. As the demand for prepaid services gathers pace, it is essential that the industry takes the lead in establishing and policing the levels of service necessary to underpin consumer confidence and the continued growth of prepaid.”

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