This gives FairFX a licence to issue Mastercard branded cards, initially across Europe but with other regions to follow.

The membership of Mastercard is part of FairFX’s stated strategy and is just one of the benefits of the e-Money licence the Group holds. Mastercard membership is also an example of FairFX continuing to gain direct membership of banking and payment networks rather than accessing through third parties.

FairFX currently has a number of card programmes issued by third parties that can now be brought in house. In addition to cost savings, doing so will improve delivery and simplify processes, which will facilitate the Group’s continuing growth.

Ian Strafford-Taylor, CEO of FairFX, said: "Gaining Mastercard Membership is a major step in our stated aim of reducing FairFX’s reliance on third parties and providing choice for the business. We can now place our various products and services through the supply chain that fits best from the perspective of cost, flexibility and reliability. Going forward this will simplify our product iteration and reduce our cost base which will ultimately benefit our customers.”