Pockit was founded in 2014 with a mission to make a better current account for customers left behind by high street banks.
With almost 25 years’ experience in business, if Danny Jatania says something is a good idea, believe him. The co-founder of health and beauty powerhouse Lornamead is tapping into a fast-growing market with his latest offering Pockit. The pre-paid card – which is sold online and branded with Mastercard – enables customers to control how much they spend, while offering access to exclusive discounts and deals. As well as being the first to offer cashback at the till, Pockit’s roll call of discounts already includes partnerships with Marks and Spencer, B&Q, Comet, Toys R Us, Halifax, Jessops and Aviva. With an increasing number of consumers seeking to manage their debts by using a pre-paid card instead of a credit card, Pockit is one to watch.
The market opportunity
Pockit is specifically targeted at 25-50-year-old men and women with a household income of between £20,000 and £70,000. However, as Jatania points out, the nature of the market is such that “everyone is a potential customer for us” – creating an enormous opportunity.
Entering at the early stages of an emerging sector, Pockit is well-positioned to beat its competitors to the punch. Indeed, Jatania claims it has already outstripped Clearcash, Orange and Virgin Money with the breadth of its offering.
By 2010 estimates from Mastercard, pre-paid cards will account for at least 4% of the European credit and debit card market by 2015. However, Pockit does face some challenges along the way. Principle in these, Jatania believes, will be expanding their relationships with retail partners to attract more customers – although this is likely to become easier as adoption of the card becomes more mainstream.