Shanghai Blacklist for Prepaid Card Malpractices - 20 Errant Firms Suspended
In a swift move to restore some sense of sanity and accountability in the prepaid cards industry, the Shanghai Prepaid Card Association slapped bans against a total of 20 errant firms. The recent shaming and shaming on 23rd December 2016 affected card issuance companies that had mismanaged their prepaid schemes.
The mentioned companies are as such required to expediently streamline all the red-flag aspects to having the indefinite suspension's repercussions lifted. Shanghai Prepaid Card Association top executives confessed to having embraced this last-resort move after continual flouting of several fundamental regulations by at least 20 key stakeholders and long-standing members of the umbrella body.
The move is aimed at alerting unsuspecting consumers of potential risks emanating from mismanaged prepaid card schemes. Reasons for the timely official sanction ranged from non-registration to delayed remittance of vital consumer-handling information to the all-inclusive association.
Given the fact that Shanghai Prepaid Association is tasked with the delicate onus of safeguarding consumer interests and level-ground competition, the disciplinary intervention seeks to weed out unhealthy competitive practices among rival firms. Again, the overseeing association noted the unprecedented use of substandard processes that thwarted the organization's continued endeavors to promote industrial-class and globally sound best practices.
On the average, almost each of the blacklisted prepaid card company had a client-hostile attribute that defied the recent all-inclusive attempts at restoring customer trust and confidence in a fast-growing prepaid cards industry. Croissants de France Co is one of the top members whose operations took a massive nosedive after the company was implicated in the punitive move by the watchdog organization.
The firm runs a series of highly profitable bakeries in the heart and main outskirt hubs of the city. Although the member had nearly met every other mandatory requirement, one thing lacked: proper registration paperwork and formal evidence of strict adherence to all the certification processes set by the card association.
Another badly affected company is Christine International Holdings. Like the foregoing culprit of the wide-sweeping naming and shaming, this bakery was found to have ignored a slew of pertinent consumer concerns over the past few months.
Particularly, many Christine International Holdings prepaid card holders had expressed persistent displeasure regarding card use anomalies. With most of the firm's outlets remaining perpetually closed, card bearers were daily complaining about unremitting card use difficulties. For failing to urgently respond to user concerns, the bakery was yesterday suspended until the pending client issues were satisfactorily ironed out to the fulfillment of the association's all-binding operational and user-handling stipulations.
Other firms caught in the association's internationally lauded consumer protection measure include YPX Co and Shanghai Tingtop Food Co, and cosmetics company Shanghai Arsoa Co. Speaking during the disciplinary gathering that has been extensively covered by both local and overseas media outlets, Fan Lingen, the association's vice chairman, provided essential clarification that the suspended companies were not necessarily engaged in unlawful business operations.
Nevertheless, he didn't mince his words in affirming that the infamous 20 corporations had been found culpable of unacceptable card mismanagement undertakings and a retinue of other gross malpractices. Lingen encouraged cardholders to hastily utilize any monies on the affected prepaid cards and also be extremely careful when choosing the right cards and prepaid issuers in future.