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PDS contracts with Meta Payment Systems for card issuance

25 January 2006  |  1533 views  |  0 Source: Payment Data Systems

Payment Data Systems, Inc. (OTC BB:PYDS.OB), an integrated electronic payments solutions provider, announced today that it has signed an agreement with Meta Payments Systems (MPS), a division of MetaBank.

Meta Financial Group, Inc. is the holding company for MetaBank.

Under the agreement, MetaBank will be the issuing bank for select PDS prepaid card programs running on the various card associations and debit networks.

MPS and PDS will work together to develop a series of competitive celebrity, gift, and personal spending prepaid debit card programs. PDS is focused on aggressively developing and marketing prepaid gift cards, personal spending cards, and health benefits programs.

Louis Hoch, President and COO of Payment Data Systems, Inc, said, "We selected Meta Payment Systems for their unparalleled leadership, financial viability, and their premier standing with the various card associations. The combined ability of MPS and PDS will create a card-issuing platform that will have unique execution and product capabilities."

Ian Stromberg, Director of Business Development for Meta Payment Systems, said, "We are very pleased to have PDS join us as one of our Program Managers. PDS brings to this relationship a drive to create innovative card products for this market and we're looking forward to the new opportunities they will present."

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