Ukash receives FSA approval

Source: Ukash

Ukash, the UK-based company that introduced cash payments to global online transactions, announces that it has received authorisation from the Financial Services Authority (FSA) to operate as a regulated e-money issuer.

Ukash is the trading name of Smart Voucher Limited to which the ELMI was issued on July 24, 2006. The Company intends to 'passport' this regulated status into all markets in which it currently operates including the Republic of Ireland, Germany and Spain over the next month, and into those countries in which expansion is planned during 2006 including the Netherlands, Belgium, Luxembourg, Sweden, Switzerland, Austria, Poland, France, Italy, and Greece.

This opens the way for Ukash to aggressively promote its services to a wider range of Payment Service Providers, redeeming merchants, issuing retailers and consumers throughout Europe and in the Near East, and give it an increased competitive edge over unregulated companies that operate in this sector and that are likely to come under increased scrutiny by the regulators.

Mark Chirnside, Operations and Development Director of Ukash Ltd, says: "Becoming a regulated e-money issuer qualifies Ukash as only one in five electronic payment providers able to legitimately issue e-money in the EEA, and gives us the ability to compete on the fairest terms with the banks, bringing greater protection for consumers and online merchants, and bringing valuable new revenue streams."

The new certification (FSA: 447811) enables a single maximum online cash payment transaction to increase to £500. Until now, Ukash has held the UK Financial Services Authority’s Small E-Money Issuer Certificate, with a limit of £100 (150 euros) for each online transaction.

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