Global Payout, a California-based electronic payment and prepaid card solutions provider, has formed a joint venture (JV) with UK-based CCS Prepay to merge their international prepaid debit card products.
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The merger is intended to meet their client’s card production needs and enhance customer services.
Back in November 2013, both the firms signed a product sharing agreement on an EuroPay, Visa MasterCard Smart Card (EMV) Visa International Prepaid Debit Card, which was developed in partnership with a European bank.
The companies’ further plan to complete joint venture deals on three more EMV Visa and MasterCard cards, including a General Purpose Reloadable (GPR) Card, by the end of December 2013.
Global Payout CEO, James Hancock, said 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.
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By GlobalData"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," Hancock added.
