Euronet Subsidiary Launches End-to-End Prepaid Solution in Europe (April 24, 2013)
A subsidiary of Leawood, Kan.-based processor Euronet Worldwide has launched a prepaid card issuing, processing and BIN sponsorship solution in Europe. Euronet 360 Finance Ltd. now is offering electronic money and payment services under the oversight of the U.K. Financial Conduct Authority (FCA). By passporting its e-money license across the Single Euro Payments Area (excluding Monaco), Euronet 360 is able to issue cards and process transactions across the entire European Economic Area, the company said.
With the European play, Euronet is hoping to capitalize on a prepaid card sector the company projects will enjoy double-digit annual grow over the next five years. The new solution will enable non-FCA licensed organizations to quickly and easily enter the prepaid arena, according to Euronet 360, which already has prepaid operations up and running or in the works in 10 European nations. The company’s “extensive capability and geographic footprint provides our customers and prospects with an opportunity to offer solutions to their clients without any material upfront expenditures, ensuring their ability to protect, grow and evolve their business and market share,” said Nikos Fountas, executive vice president and managing director, Euronet Europe EFT Division.
Euronet recently has been active in prepaid markets around the globe. In November, the company’s New Zealand subsidiary acquired ezi-pay Limited, New Zealand’s largest provider of gift card issuing, processing and distribution services. That announcement followed Euronet’s December 2011 launch of what the company called Brazil’s first-ever gift card mall program, in partnership with Grupo Pão de Acúcar, the country’s largest retailer.