As the Jersey Evening Post reports:
THE first pre-paid payment card to be issued in Jersey will be launched by the Channel Islands Co-operative Society this month.
The card is the same as a credit card but without the credit. You load it with funds as required and top it up as necessary.
It can be used anywhere in the world where the MasterCard sign is displayed, including cash machines, internet and telephones.
The Co-op is to issue it through its Travelmaker division and it is expected to be popular with Islanders travelling overseas.
The Co-op’s financial services manager Trevor Moore said that there were many benefits of using a pre-paid card, regardless of financial status.
Yes. Money laundering and tax evasion are two of them.
On this occasion, shame on the Co-op unless it has put the most rigorous of controls on the issue of these wholly unnecessary cards.