You may have heard the term ‘Alternative Finance’ recently, and wondered what it means.
Alternative Finance is any kind of banking service where you’re not actually dealing with a bank. So for example, if you open a prepaid payment card account, and top it up, the company are holding money for you, in an account, which you can then use for payments through a shop, or through one of the Visa, Mastercard or Eurocard networks.
And such services can extend their services to do more. Many already accept payments into your account via the BACS banking network; some even allow you to make payments out from your account to other people’s bank accounts – especially for bill and tax payments.
The prepayment card service improves over a bank by […]