They are also seen as an ideal alternative for people on a fixed budget who want to avoid costly interest charges on conventional credit cards, or for parents of university students who can pre-load their children’s cards to manage their budget more effectively.

Park Group said its Flexecash cards will be supplied by its wholly-owned subsidiary Park Card Services, which is an authorised “e-money” issuer regulated by industry watchdog, the Financial Services Authority.

The group said it has developed “best in class” systems to support Flexecash which will allow Park Card Services to expand its offering and create bespoke schemes to suit the requirements of its diverse range of customers.

Park was established in 1967 offering customers the opportunity to save a fixed amount each week for Christmas hampers in order to spread the cost of Christmas.

It has now developed into two primary businesses of Christmas savings and corporate vouchers which offer its own-brand vouchers as well as individual store vouchers to corporate customers who can then use them for staff incentive schemes and for sale to consumers.