Appreciate logo

APP - Appreciate News Story

38.89p -0.1  -0.3%

Last Trade - 9:04am

Small Cap
Market Cap £72.7m
Enterprise Value £52.2m
Revenue £106.9m
Position in Universe 1144th / 1827

RCS - Park Group PLC - Park Gains Mastercard Issuing Licence

Mon 9th January, 2017 7:00am
RNS Number : 5809T
Park Group PLC
09 January 2017

9 January 2017

Park Group plc

("Park" or the "Group")

Park Gains Mastercard Issuing Licence

Park Group plc, the UK's leading multi-retailer gift voucher and prepaid gift card business focused on the corporate and consumer markets, today announces that it is now a licensed issuer of Mastercard products.

Park is now able to issue Mastercard prepaid cards. The first product being offered is a digital card issued to customers for online redemption at a select number of retailers, including John Lewis, Argos and Debenhams. Later this year, the Group will expand the offering to include physical cards at any retailers accepting Mastercards, both online and in-store.

The license allows Park to be fully responsible for the end-to-end settlement with Mastercard, without the need for involvement from external programme managers or issuing banks. Previously Park's 'Anywhere' card was issued via third party providers.

This direct relationship with Mastercard brings the capability in-house, giving Park greater control over the process, allowing it improved flexibility and speed in servicing its customers' requirements.

Chris Houghton, Chief Executive Officer of Park commented: "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."

"This is a new capability and milestone for Park, allowing us to react even more quickly to what our customers tell us that they want. It also enhances our ability to develop new products, opening new markets and opportunities for us."

For further information please contact:

Park Group plc

Arden Partners plc

Tavistock Communications

Chris Houghton

Martin Stewart

Steve Douglas

Benjamin Cryer

Andrew Dunn

Jeremy Carey

Tel: 0151 653 1700

Tel: 020 7614 5920

Tel: 020 7920 3150

This information is provided by RNS
The company news service from the London Stock Exchange
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.