It further announced the appointment of four new Directors - Craig James, CEO of Neopay Ltd, Judith Rinearson, a partner in Bryan Cave LLP's New York offices, Peter Sidenius, Director, Edgar Dunn & Company and Paul Stanley, CEO at ReD.

Mr Courtneidge has been involved in the development of PIF since its establishment in June 2007, as Co-founder and the Chairman of PIF's Legal and Regulatory Working Group. He replaces Ken Howes, who had been Interim Chairman of PIF and has played a key role in driving the growth of the forum.

Welcoming Robert Courtneidge's appointment, Mr Howes said "I am delighted that Robert will be taking over the full-time Chairmanship and wish him every success in developing PIF. Regulatory, technological and economic issues increasingly impact on our industry. With its newly strengthened Board, growth in membership and increased international cooperation with other industry organisations, PIF is positioned to provide unique demonstrable value to its members."

Mr Courtneidge commented "It is a great honour to be elected as Chair of PIF and to carry on the work done by Chris Reddish and Ken Howes. Ken took on the role of Interim Chairman in the most difficult of circumstances and I am extremely grateful for the professional manner in which he has steered PIF in the past few months. The prepaid industry is at a key stage of development and PIF is evolving to best meet our members' needs. It was recognised that we needed to expand the Board in order to more fully represent member interests and each of the elected directors brings a new perspective to the forum. The appointments of Craig James, Judith Rinearson, Peter Sidenius and Paul Stanley represent a significant step by PIF."

PIF is a not for profit global forum open to all parties participating on a commercial basis in the prepaid economy. As well as providing an industry voice and enabling the cross-industry prepaid sector to communicate with natioth national and international regulatory bodies, it provides research and thought leadership, a catalyst for the creation of international standards and a forum for members to consider and address evolving changes in the prepaid economy. PIF has also facilitated the development of cross-industry guidelines and codes of practice.

In addition to the new appointees, current members of the PIF Board are Virginia Ann Holman, Group Executive, Global Corporate Marketing and Communications, TSYS, Michael Mueller, CEO of paysafecard group and Mike Smith, Director, Raphaels Bank