Australian wagering company selects e-pay prepaid services
LEAWOOD, KANSAS and SYDNEY—May 29, 2003—Euronet Worldwide's (Nasdaq:EEFT) subsidiary e-pay Australia Pty Ltd has partnered with Tab Limited (TAB) to launch a real-time prepaid payment option for account holders in retail outlets throughout Australia. TAB is Australia's largest national wagering company accepting bets on thoroughbred, harness and greyhound racing as well as sporting and other events.
In addition to traditional cash-based betting outlets, TAB has over 200,000 account holders, who use prepaid account funds, to place bets via the phone and Internet. TAB, with a total combined turnover of $2.5 billion USD (or $4.5 billion AUD) per year, has more than 330 dedicated retail outlets and 1,600 outlets located in licensed hotels and registered clubs. Customers deposit funds into their accounts at these outlets.
TAB wanted to expand its distribution into a wider market base. The added e-pay locations enable customers to deposit money to their accounts 24 hours a day, 7 days a week at 533 participating e-pay retailers, including 7-Eleven, Quix, Mobil, Video Ezy and Nextra. Within three months, an additional 1,036 existing e-pay retailers will add TAB functionality to their systems.
"With the addition of e-pay retail sites, our customers can top-up their prepaid wagering accounts at more convenient locations with extended hours of operations," said Jerry Gulpers, TAB's Manager Account Sales. "This extra distribution further strengthens TAB's offering to its customer base. With e-pay, the transaction is online and in real time, so customers have the added benefit of being able to access the deposited funds almost instantly."
TAB account holders can now quickly and easily make deposits into their wagering account to be used at a future date. Customers simply present their user account cards to the retailers. Retailers swipe the card and collect the account holders' prepayment. Once the prepayment is approved, customers receive a receipt with the amount deposited. e-pay's sole function is debiting the account cards; it has no direct link to the wagering activity managed by TAB.
e-pay Australia is a leader in offering electronic top-up services for prepaid mobile phone accounts to four mobile operators and more than 5,000 retail outlets across Australia. With 75% of the market share in the top-up industry, e-pay has established a successful prepaid payment solution that can be leveraged for other prepaid industries.
"The addition of TAB debit cards is our first step in expanding our prepaid processing services to introduce new transaction types to our network," said Paul Althasen, Euronet executive vice president and co-managing director–e-pay. "We were able to add this functionality to our existing retail locations without any major capital investment."
About Euronet Worldwide, Inc. & e-pay Limited
Euronet Worldwide is an industry leader in providing secure electronic financial transaction solutions. The company offers outsourcing and consulting services, integrated EFT software, network gateways, and electronic top-up services to financial institutions, mobile operators and retailers. These solutions enable our clients' customers to access personal financial information and to perform secure payment transactions—any time, any place. Euronet operates the largest independent pan-European ATM network. The company has processing centers located in the U.S., Europe and Asia. With corporate headquarters in Leawood, Kansas, USA, and European headquarters in Budapest and London, Euronet serves clients in more than 60 countries. Visit our web site at www.euronetworldwide.com.
e-pay, a Euronet subsidiary, is the largest electronic payments processor of prepaid mobile airtime top-up services in the U.K. and Australia. Founded in 1999, e-pay, focuses on cash-based recharge, or the "top-up" market for processing electronic purchases of prepaid mobile airtime and long-distance calling cards. The company currently supports top-up purchases for mobile service providers at more than 50,000 point-of-sale (POS) terminals in approximately 18,000 retail locations.