LONDON (Alliance News) - Multi-retailer gift voucher and card company Park Group PLC said Monday it has become a licensed issuer of Mastercard products.
Park Group said the license will enable it to issue Mastercard prepaid cards, with its first product being a digital card for retailers, including John Lewis, Argos and Debenhams. Physical cards will follow later in the year.
The company added the license will make Park Group fully responsible for end-to-end settlement with Mastercard, having previously issued its branded 'Anywhere' card via third-party providers.
"Our continuing goal is to offer the maximum choice and flexibility to all of our customers. We have enjoyed huge success with our 'Anywhere' card product, and I am delighted that we can now bring this broadened offering in-house, having met Mastercard's stringent processing and security requirements to become a fully licensed issuer," said Chris Houghton, chief executive officer of Park Group.
Shares in Park Group were up 7.7% at 83.75 pence Monday.
By Adam Clark; adamclark@alliancenews.com
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