Euroloan Consumer Finance, a unit of Euroloan Group, has signed an agreement with Compass Card to offer credit cards to Euroloan’s customers.

Euroloan Consumer Finance CEO Risto Illukka said: "The Euroloan credit card is a MasterCard, which can be used globally in all stores, ATMs and webshops that accept MasterCard. Customers can also pay contactless in payment terminals, which mean paying small amounts by barely touching the payment terminal with the credit card."

Illukka added that the new card will incorporate a geoblocking feature to enable customers to define the geographical area where the card can be used, and 3D SecureCode to offer customers an additional security layer for online shopping.

The funding for the card’s credit limit will be offered by a third party bank, with customers having a separate credit card account in the myEuroloan service to access their account details.

Compass Card will be responsible for authorising, managing and monitoring the cards and the payments, as well as will oversee card verification and clearing of card payments.

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The new credit card service is scheduled to be launched later in 2015.