Euronet 360 Finance Ltd., a subsidiary of Euronet Worldwide (Nasdaq:EEFT), announces the launch of end-to-end prepaid card issuing, processing and BIN sponsorship solutions in Europe.
Euronet 360 Finance Ltd., under the supervision of the UK's Financial Conduct Authority (FCA), is now providing both electronic money and payment services through card issuing, BIN sponsorship and payment card acquiring. By passporting the e-money license across the Single Euro Payments Area (SEPA) territory (except Monaco), Euronet 360 Finance Ltd. is able to issue cards and process transactions across the entire European Economic Area (EEA).
Euronet 360 Finance Ltd. is also a member of MasterCard Europe sprl., thus allowing issuing of open loop products across the SEPA region containing MasterCard, Maestro and Cirrus brands. Open loop cards provide cardholders the ability to use electronic funds at any MasterCard branded locations around the world.
The European prepaid cards market is forecast for year-on-year double digit growth and widely acknowledged as the sector with the greatest growth opportunities in the next five years. Euronet's complete prepaid card solution provides non-FCA licensed organizations with the ability to quickly, easily and cost effectively enter the prepaid card arena. Card users have the optimal ability to reload their cards using the vast POS, ATM and partner bank network of Euronet Worldwide in addition to its epay and RIA subsidiaries throughout Europe.
Standard features of Euronet's prepaid card solution include the support of physical and virtual cards, for one-time, gift card or reloadable use. Contactless functionality is also supported by MasterCard Paypass, allowing low value transactions to be performed on appropriate devices without the need to insert a card or PIN into a terminal. With prepaid card solutions live or under implementation in 10 European markets, Euronet 360 Finance Ltd. understands the underlying needs of each individual EEA market and is at the forefront of developing relevant and profitable features to meet customer needs.
"Euronet Worldwide's technological infrastructure, combined with the reach, capability and proven track record of its existing client base, clearly positions Euronet 360 Finance Ltd. and its partners to monetize the projected growth of this sector," stated Ian Dickinson, Managing Director of Euronet 360 Finance Ltd.
"Euronet's processing pedigree, combined with our extensive capability and geographic footprint provides our customers and prospects with an opportunity to offer solutions to their clients without any material up-front expenditures, ensuring their ability to protect, grow and evolve their business and market share with speed and security," added Nikos Fountas, Executive Vice President and Managing Director, Euronet Europe EFT Division.