Allpay, a UK-based payments specialist, has been authorised as an electronic money institution (EMI) by the Financial Conduct Authority (FCA).
The accreditation will enable the company to issue electronic money (e-money) and provide payment services, as per the FCA license details.
Additionally, allpay will now act as a regulated business for prepaid cards allowing the firm to expand its current service capabilities.
Furthermore, the company will continue to support its clients with card manufacture and bureau facilities.
allpay director of prepaid Kevin McAdam said: "Our aim is to provide customers with prepaid programmes that are multi-functional, and multi-national, so that we can retain our ability to remain flexible to market changes as we expand our presence and capabilities."
"We can offer our clients multiple solutions on how to collect payments from their consumers whether through government payments, creating loyalty through gift cards or expanding services to financial institutions with the prepaid card as an addition to their portfolio of accounts.
"Becoming an e-money provider moves our business into a new field, allowing us to improve and extend our services to customers, as well as being fully regulated.
"Under the license we are now able to operate across the UK and Europe, and also support initiatives further afield. Coupled with our ability to support card manufacture and bureau facilities, we provide a unique solution for our clients."