Germany's cadooz selects First Data for pre-paid card processing
24 January 2008 | 2728 views | 0
Source: First Data
First Data Corp., a global leader in electronic commerce and payment services, announced today that it has signed a contract with cadooz AG, a leading provider of corporate gift and incentive vouchers in Germany, to deliver card-based incentive and reward solutions.
Established in 2000, and headquartered in Hamburg, cadooz delivers a wide range of incentive programmes and solutions, including paper-based and online gift certificates and individually tailored reward systems. Together with First Data, cadooz will now also offer electronic card-based products, using the latest innovations in 'controlled loop' prepaid card technology, where use of the prepaid card is restricted to specific merchants.
To meet the requirements of cadooz, First Data is leveraging its pan-regional capabilities to provide processing as well as card procurement, personalisation and customer service. First Data enables cadooz to deliver targeted incentive programmes in association with a selection of leading retailers and other organisations in Germany. These programmes will deliver the benefits of scheme-branded cards that are accepted by a select number of retailers.
cadooz's innovative decision to migrate to card-based products was driven by a desire to make its payment product offerings more attractive to consumers, retailers and other organisations. Card-based products offer cadooz and its partners the flexibility and security of scheme-branded cards as well as the opportunity to drive significant processing efficiencies.
cadooz is entering the prepaid card market with ambitious expansion plans. "We envisage cadooz as a full service provider of online, paper- and card-based incentive and gift solutions and we intend to develop our brand to become an international market leader," stated Stephan Baumann, Head of Partner Management.
Mark Gregg, CEO, added: "First Data is a global company with strong prepaid expertise and the ideal service provider to help us achieve our goals."
Stefan Klestil, President of First Data's Central Europe region, added: "The launch of card-based products will deliver significant efficiencies to cadooz and support the company's expansion in Germany and internationally. We are very pleased to apply our expertise and global experience in delivering prepaid programmes to support this expansion."