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
Tel: 0151 653 1700
Tel: 020 7614 5920
Tel: 020 7920 3150