Global Payout, Inc. and CCS Prepay UK Ltd. have announced a joint venture agreement to pool their U.S. and International Prepaid Debit card products and resources together to broaden each company’s ability to meet client groups’ card production needs as well as enhance customer services.
In November this year, the two parties signed a product sharing agreement on an EMV Visa International Prepaid Debit Card developed with a partner bank in Europe. By the end of this month, the companies expect to complete joint venture agreements on three more EMV Visa and MasterCard cards.
This joint venture enables each company to deploy the other company’s prepaid products to meet client’s needs when situations warrant.
“The prepaid products offered by Global Payout and CSS Prepay are complementary in many respects but are sometimes different in geographic restrictions and application uses. We feel it is better for both companies to share new revenue streams in competitive situations than to leave clients without best solutions for their requirements. With this new alliance strategy, we intend for all parties, including our new clients, to be winners,” says James L. Hancock, CEO of Global Payout.
Mark McDonald, Managing Director of CCS Prepay added, “Both of our companies were early developers of International Prepaid Debit Cards. Today the market is rapidly maturing, not only in geographic diversity of deployment of these products but also in the requisite variety of applications. By joining forces in this fashion, we are better positioned to capture the window of opportunity and enhance our collective market share.”
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