LEAWOOD, Kan.--(BUSINESS WIRE)--
Euronet Worldwide, Inc. (NASDAQ: EEFT), through its wholly owned
subsidiary - Euronet Payments & Card Services Ltd. (EPCS), has been
authorized by the Financial Service Authority (FSA) in the United
Kingdom (UK) to provide payment services. This authorization covers a
broad range of services, including ATM and POS transaction acquiring.
This authorization allows Euronet to apply for direct membership with
the major card schemes. Upon receipt of this authorization, Euronet
applied for and received membership with the two major card schemes,
Visa and MasterCard, for ATM transaction acquiring. The combination of
the authorization by the FSA and membership with the major card schemes
allows Euronet to directly process ATM debit and credit card
transactions throughout most of Europe, without the requirement of a
sponsor bank. Subject to business opportunities, Euronet intends to
apply for direct membership with the major card schemes for POS merchant
acquiring.
EPCS is authorized to issue e-money products and provide payment
services in the European Economic Area, which includes European Union
member countries plus Iceland, Lichtenstein and Norway. With the target
to make cross-border payments easy, efficient and secure, the European
payment services regulations seek to improve competition by opening
payment markets to new entrants, thus fostering greater efficiency and
cost-reduction. This authorization to provide payment services will
allow Euronet to provide acquiring services in 29 European countries,
including Austria; Belgium; Bulgaria; Cyprus; Czech Republic; Denmark;
Estonia; Finland; France; Germany; Greece; Hungary; Iceland; Ireland;
Italy; Latvia; Liechtenstein; Lithuania; Luxembourg; Malta; Netherlands;
Norway; Poland; Portugal; Romania; Slovak Republic; Slovenia; Spain;
Sweden; UK.
Since gaining membership with the major card schemes, Euronet has
initiated certification projects in five European countries, which will
make Euronet one of the few non-financial institutions with the ability
to directly acquire transactions on independently deployed ATMs. In the
future, EPCS will extend the membership with the major card schemes to
other European Union countries and build direct connections with other
large card schemes.
"The significance of this development is monumental as it reflects a
paradigm shift in our business. Previously, anytime we deployed ATMs in
new markets we had to engage in lengthy negotiations to secure a sponsor
bank. Now, with an acquiring license and direct card scheme membership,
an acquiring sponsor bank is no longer required, allowing Euronet to
directly acquire transactions on our independently deployed ATM networks
and settle directly with the card schemes," stated Nikos Fountas, Senior
Vice President and Managing Director of Euronet's Europe EFT Division.
"Moreover, this license enables us to expedite time-to-market entry,
increases our flexibility in product development and creates the
opportunity to expand cross-selling synergies between our different
segments," added Mr. Fountas.
Under the newly granted license, Euronet, a leading European payment
processing and services provider and the largest Independent ATM
Deployer (IAD) in Central and Eastern Europe, is able to expand its
presence through the offering of ATM and POS merchant acquiring
throughout Europe. This will allow Euronet to operate in new and
existing European markets without further constraints from additional
licensing or sponsor bank requirements.
About Euronet Worldwide, Inc.
Euronet Worldwide is an industry leader in processing secure electronic
financial transactions. The Company offers payment and transaction
processing solutions to financial institutions, retailers, service
providers and individual consumers. These services include comprehensive
ATM (Automated Teller Machines), POS (Point of Sale) and card
outsourcing services, card issuing and merchant acquiring services,
software solutions, consumer money transfer and bill payment services,
and electronic distribution for prepaid mobile phone time and other
prepaid products.
Euronet's global payment network is extensive - including 12,668 ATMs,
approximately 53,000 EFT POS terminals and a growing portfolio of
outsourced debit and credit card services which are under management in
32 countries; card software solutions; a prepaid processing network of
approximately 591,000 POS terminals at approximately 282,000 retailer
locations in 29 countries; and a consumer-to-consumer money transfer
network of approximately 140,000 locations serving 136 countries. With
corporate headquarters in Leawood, Kansas, USA, and 47 worldwide
offices, Euronet serves clients in approximately 150 countries. For more
information, please visit the Company's website at www.euronetworldwide.com.
Euronet Worldwide
Stephanie Taylor, +1-913-327-4200
Investor
Relations Manager
staylor@euronetworldwide.com
Source: Euronet Worldwide, Inc.
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