GIBRALTAR, Sept. 12, 2011 /PRNewswire/ -- Transact Network, a leading European prepaid card issuer, has issued over 500,000 prepaid cards on the MasterCard network in Europe.
Transact Network has been a MasterCard principle member since 2008 and launched its first prepaid program in 2009. The company now has over 100 programs live in 12 European countries across a diverse range of prepaid program categories, including general purpose reloadable, payroll, youth, and corporate.
With one of the most experienced management teams in the European industry, Transact Network's revenues have close to doubled over the last 12 months.
Chairman and CEO, Colin Greaves, said: "Our excellent and collaborative working relationship with MasterCard over the last three years, and our focus on providing fast and bespoke service to our partners, have been instrumental to the rapid growth and increasing profitability of our business. Reaching half a million cards this quickly is a significant milestone for any company, and says much about the maturity of the prepaid market in Europe for which I genuinely believe no one is better placed than Transact Network to capitalize upon."
Matt Lanford, Head of Prepaid at MasterCard Europe, said: "We congratulate Transact on reaching this milestone. It helps to underline the growing importance of prepaid in the new payment society as consumers, businesses and governments increasingly recognize how the controlled flexibility of this simple payment vehicle can be customized to meet their diverse needs."
About Transact Network
Transact Network is a MasterCard and Visa Europe Principal Member providing European BIN sponsorship and modular prepaid services. Transact Network's electronic money and payment service permissions have been successfully passported to every EU and EEA member state enabling the issuance of prepaid card programs across Europe. The Company's proprietary modular prepaid card service platform enables bespoke, scalable solutions, rapid implementation, low entry costs, reliable ongoing management and proven risk reduction. The Company can implement a prepaid program from concept to launch in approximately 90 days. Transact Network is a licensed and authorized e-money institution by the Gibraltar Financial Services Commission and has fully owned subsidiaries and offices in England, Spain, India and Bulgaria, as well as affiliate sales offices in France and Germany.
For more information about the types of products and services Transact Network provides please visit: http://www.transactnetwork.com.
About MasterCard Worldwide
As a leading global payments company, MasterCard Worldwide prides itself on being at the heart of commerce, helping to make life easier and more efficient for everyone, everywhere. MasterCard serves as a franchisor, processor and advisor to the payments industry, and makes commerce happen by providing a critical economic link among financial institutions, governments, businesses, merchants, and cardholders worldwide. In 2010, $2.7 trillion in gross dollar volume was generated on its products by consumers around the world. Powered by the MasterCard Worldwide Network – the fastest payment processing network in the world – MasterCard processes over 23 billion transactions each year and has the capacity to handle 160 million transactions per hour, with an average network response time of 130 milliseconds and with 99.99 percent reliability. MasterCard advances global commerce through its family of brands, including MasterCard®, Maestro®, and Cirrus®; its suite of core products such as credit, debit, and prepaid; and its innovative platforms and functionalities, such as MasterCard PayPass™ and MasterCard inControl®. MasterCard serves consumers, governments, and businesses in more than 210 countries and territories. For more information, please visit us at www.mastercard.com. Follow us on Twitter: @mastercardnews.
SOURCE Transact Network