Launch market specific payment cards
Grass Roots launches market specific payment cards
International performance improvement business, Grass Roots has launched three new Pure Card products: Pure Reward, aimed at the HR community, along with two cards targeted specifically at the insurance replacement and charitable grant giving marketplaces. Supported by the Visa network, this is the first time pre-paid debit cards, on a closed loop (i.e. limited to specific retailers), have been created in the U.K to serve very distinct marketplaces.
The Pure Reward card is a vehicle for HR managers to deliver cash bonuses to staff in a way that makes a much stronger connection to workplace performance than doing so simply through payroll. Clients decide on the amounts to be given to which staff and Grass Roots loads and distributes the cards accordingly. Card holders can check their balances at any time by phoning a hotline or simply going online. In terms of spending the reward, the strategy behind Pure Reward has been to sign up only those retail outlets that have the right fit with the reward concept. These include Argos, Debenhams, Comet, Currys, Homebase, Halfords, HMV, Marriott Hotels, PC World, Thomas Cook, Waterstones and Virgin Experiences.
For insurance providers the Pure Insurance Card enables them to settle claims in a more effective and efficient way, by sending the claimant a card loaded with a set amount of money that can then be exchanged at a limited range of selected retailers. Insurance clients can benefit from a discount against high street prices whilst enjoying all the convenience of a one-stop methodology for claim settlement.
For charities and grant giving bodies, the Pure Charity Card enables them to make their payments in a similar manner. Administration costs are reduced, discount benefits can be accrued and the danger of malredemption i.e the spending of the grant on items that it was not intended for, is significantly reduced by the closed loop of suitable retail options.
Alliance and Leicester will issue the new cards and manage banking and deposit taking facilities. Specialist provider MCL carries out the card processing.
Tony Bates, Director of Payment Services at Grass Roots, is excited about the potential for all three cards. “We have identified a real demand for these products based on clear benefits to all providers in both these sectors. With our proven reputation for product development in this area, I’m confident the Pure Card brand has a great future.”
The new Pure Cards are the latest additions to a strong Grass Roots card portfolio.
“Following the launch of our Visa based grgcard last year, aimed at the
global reward market, we feel we have the most comprehensive, fully researched
and tested card offering available. Clients can choose according to their priorities
around reach, processing and cost”, added Bates.
