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Stakeholder payments simplified by electronic purse

Cashless payment technology provider Transacsys is unveiling a service that allows employees to make payments into their stakeholder pension scheme with no administration cost for employers.

The service, developed from its workplace vending machine technology, will mean employees can make unlimited numbers of low value payments for no extra cost, through an electronic purse held on a smart card.

Transacsys has teamed up with pensions services provider FPS Financial Services. Transacsys will initially target its existing client base in the UK where around 3.5m blue chip company employees already use cashless management systems provided by its GiroVend subsidiary.

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