Mr James succeeds Robert Courtneidge whose two year term of office has drawn to a close. Mr Courtneidge will continue to serve as a member of the PIF Board and Executive Committee.

Announcing Mr James' appointment, Robert Courtneidge said: "I know Craig is passionate about the industry and the principles of PIF. His ambition to move prepaid into the mainstream is testament to his suitability for this very important role. I have every confidence that he will provide strong leadership to further the growth of PIF and its evolving activities. I wish him every success in his new role."

PIF was established in 2007 to promote and shape the development of prepaid as a payment solution for consumers, corporates and governments. As a representative body for the industry PIF acts as principal point of liaison between the industry and government agencies, regulators, consumer bodies and the media. It is dedicated to the progression of prepaid and acts as a catalyst for the development of industry guidelines and codes of best practice. The overarching objective of PIF is to create an environment where prepaid products are understood and can thrive.

Craig James commented: "I am extremely proud to be given this opportunity to follow on from the excellent work and progress Robert Courtneidge has achieved as Chairman over the last two years. Regulatory change and other developments continue to test the industry. Under Robert's guidance PIF has taken important steps to ensure our industry is represented and the practicalities of operating in this sector are taken into account in our dealings with policy-makers. As we expand our membership it is an essential part of PIF's role to add the experience and expertise of our members to these debates."