Signs Agreement with MoneyMe
Sydney, Sep 22, 2014 AEST (ABN Newswire) - Emerchants Limited (
ASX:EML) (EMCHF:OTCMKTS) (Emerchants) is pleased to announce that it has signed a 3 year agreement with MoneyMe Financial Group Pty Ltd (MoneyMe). Under the agreement, Emerchants will be providing MoneyMe with a fully reloadable Visa prepaid debit card for its digitally savvy customers in the small loans category. MoneyMe will also act as an authorised representative of Emerchants.
MoneyMe is one of Australia's fastest growing online digital finance companies. They offer cash loans from $200.00 to $1,000.00, paid directly into a customer's bank account within minutes to a few hours of an application being approved. The card will be positioned not just as the payment mechanism for the loading of MoneyMe loans, but will also be used as a travel card, for budgeting purposes and as an alternative to having a credit card.
The program allows MoneyMe and their customers the choice to have their loan funds distributed directly onto their MoneyMe card, quicker than most bank transactions. In addition, MoneyMe customers will have the flexibility to load their own funds onto their card, in the same way as a debit card is used.
In commenting on the agreement, Mr Tom Cregan, Managing Director of Emerchants, said:
"We are delighted to form a partnership with MoneyMe. Our re-loadable prepaid product fits perfectly into their core business by allowing customers to distribute their loan proceeds onto a Visa card and have the freedom and flexibility to use those funds instantaneously."
In commenting on the program, Mr Clayton Howes, CEO of MoneyMe, said:
"We are excited to offer our customers even more benefits when utilising our loan products as we continue to look for ways to innovate consumer finance products. Enabling people to access their own funds with a VISA debit card just makes sense."
The deal is subject to Emerchants Authorised Deposit Taking Institutions approval.
About Emerchants Ltd
Emerchants Ltd (ASX:EML) (OTCMKTS:EMCHF) is a payments solutions provider of prepaid financial card products and services in Australia. By using its proprietary Secure Account Management (SAM) system, the Company provides its clients with innovative financial service payment solutions for reloadable and nonreloadable pre-paid card programs.
Emerchants' proprietary technology, processing capabilities and program management services offers clients more control and flexibility in managing corporate expense programs, funds disbursement, petty cash, per diems, emergency payments, disaster/welfare programs and many other individual and bulk payment scenarios. Emerchants partner with well-established banking institutions and card associations (eftpos, Visa) to ensure card programs are fully compliant, scalable and easy to implement for clients.
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