# AFEX Launches Prepaid Mastercard for Corporates to Manage Expenses, Payroll and Incentives  Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2017-04-18 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: AFEX Launches PayFEX Prepaid Mastercard for Corporate Meta Description: AFEX offers a comprehensive corporate payment solution, allowing businesses to easily manage employee expenses, payroll, and incentives globally. URL: https://financedigest.com/afex-launches-prepaid-mastercard-for-corporates-to-manage-expenses-payroll-and-incentiveshtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/touch-screen-interfacegjyp-1736843936724-compressed.jpg) Prepaid card offers all in one corporate solution to manage employee payments AFEX, one of the world’s largest non-bank providers of global payment and risk management solutions, has launched the PayFEX Prepaid Mastercard. AFEX has partnered with Wirecard Card Solutions and Payment Card Solutions to deliver a comprehensive end-to-end prepaid card-based corporate payment programme that can be used to manage employee expenses, payroll and incentives globally. The programme enables multiple cards to be managed on a single [platform with a responsive easy to use online](https://www.financedigest.com/brand-strategy-tactics-for-an-online-learning-platform.html "Brand Strategy Tactics for an Online Learning Platform") portal to manage expenditure limits, add or withdraw funds and produce comprehensive reports. The portal also enables eligible card users to capture and upload receipts via their smartphone, with the ability to add accounting categories and segregate VAT. Firms with a presence in the Single European [Payments Area are eligible for PayFEX and the cards may be issued to all their employees or customers for corporate](https://www.financedigest.com/what-does-the-future-hold-for-corporate-payments.html "What Does the Future Hold for Corporate Payments?") use. The card is designed for companies whose employees [travel extensively and those that employ people either on a seasonal basis or reside in countries](https://www.financedigest.com/u-s-cdc-lifts-covid-do-not-travel-recommendations-on-about-90-countries.html "U.S. CDC lifts COVID ‘Do Not Travel’ recommendations on about 90 countries") where the firm doesn’t have a physical presence. With multiple applications, AFEX expects the PayFEX card to appeal to a wide range of companies including those in the shipping, haulage, construction, travel management, business aviation, legal and [oil and gas industries](https://www.financedigest.com/the-top-strategies-for-investing-in-the-oil-and-gas-industry.html "The Top Strategies for Investing in the Oil and Gas Industry"). “Workforces are changing rapidly as the result of technological advancements, a [rising number](https://www.financedigest.com/ryanair-passenger-numbers-rise-in-august-to-11-1-million.html "Ryanair passenger numbers rise in August to 11.1 million") of millennials entering the business world and the growing gig economy,” said Jan Vlietstra, Chief Executive Officer for AFEX. “This is having a profound impact on the relationships between employers and employees as well as on [traditional banking](https://www.financedigest.com/the-role-of-fintech-in-disrupting-traditional-banking-services.html "The Role of Fintech in Disrupting Traditional Banking Services") relationships. At AFEX we’re committed to providing our clients with [innovative and relevant products](https://www.financedigest.com/product-innovations-and-advancements-in-technology-to-boost-automotive-ignition-system-market-growth.html "Product Innovations and Advancements in Technology to Boost Automotive Ignition System Market Growth") to manage their global payments. The PayFEX prepaid card gives businesses a real alternative to banking when it comes to managing their employee [payments](https://www.financedigest.com/what-is-the-eus-stance-on-russias-roubles-gas-payment-demand.html "What is the EU’s stance on Russia’s roubles gas payment demand?") and gives employees and customers the greater flexibility they demand.” PayFEX is issued in three single currency cards – EUR, USD and GBP. There are no set-up fees, point of sale fees or annual fees. There is a fixed fee for out of [card currency spend](https://www.financedigest.com/card-spending-in-uk-falls-below-pre-covid-average-ons.html "Card spending in UK falls below pre-COVID average – ONS") plus a small load fee and ATM fee for cash withdrawals. PayFEX is also available as a [virtual card](https://www.financedigest.com/virtual-cards-will-help-lead-the-travel-industry-into-a-post-pandemic-boom.html "Virtual cards will help lead the travel industry into a post-pandemic boom"), providing a fast, cost-effective solution designed specifically for online transactions. Tom Jennings, Managing Director of Wirecard Card Solutions, commented: “We, in partnership with PCS, are delighted to be working with AFEX, one of the [leading global](https://www.financedigest.com/surgical-imaging-market-2021-global-leading-companies-analysis-revenue-trends-and-forecasts-2027.html "Surgical Imaging Market 2021 Global Leading Companies Analysis, Revenue, Trends and Forecasts 2027") FX and payment organisations for corporates, to deliver this dynamic and innovative solution. PayFEX will make it easier and more [cost efficient for firms to manage](https://www.financedigest.com/big-companies-manage-to-pass-on-soaring-costs-to-cash-strapped-consumers.html "Big companies manage to pass on soaring costs to cash-strapped consumers") their employee expenses domestically and overseas.” --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---