EML PAYMENTS LIMITED (ASX: EML) today announces the launch of new payments programs for four of Australia's most innovative Fintechs: WildCard, Qpay, DiviPay, and ImpactPay.
Tom Cregan, CEO EML Payments, says it's EML's product innovation, processing technology and Mastercard issuing licence that's placed EML in a great position to power home-grown brands and provide their millennial-based customers with world-class fintech right here in Australia.
"It's an exciting time to be an Australian fintech and EML is committed to powering home-grown brands with world-class innovation," Cregan said.
"We're seeing the Reserve Bank of Australia fostering competition for niches within the banking industry and we see a burgeoning industry in Australia with companies looking to compete in these niches.
"WildCard is a bank alternative aimed at millennials to help manage their money and improve their savings, which means customers expect the absolute best when it comes to tech and usability.
"WildCard will be EML's first fintech partner in Australia to launch with a vertical card, built for millennials, with card numbers on the back for Instagram-friendly posting," Cregan said.
QPay is a challenger bank whose customer base is Australian university students who handle payments for student societies, membership fees, launch parties, music festival tickets and textbooks.
Cregan says it's EML's customised reloadable pre-paid Mastercard that's set to enhance the QPay brand and deliver value in conjunction with their app.
"Qpay's major focus is making payments more convenient for student's and providing them with value and a user experience consistent with the lifestyle of a university student," Cregan said.
DiviPay, a Fintech that aims to help customers control their spending and automate expense reporting, called on EML to deliver virtual cards.
"This will mean no plastic card, so it utilises EML's innovative mobile technical functionality of providing card details securely and directly to customers in the company's app and on their mobile device," Cregan said.
"DiviPay is EML's first customer to provide a virtual mobile Reloadable MasterCard to their users, using the PAYS capability via their own mobile application."
ImpactPay neo-bank is EML's first customer to utilise EML's transaction delegation authorisation technology, which automatically reads the cost and merchant ID to make a determination of how the transaction will be funded.
"ImpactPay aims to create a social change by giving customers the opportunity to tap their card to make a purchase and give a small amount of money to a charitable organisation," Cregan said.
"In essence, ImpactPay is about turning small change into meaningful change, using their tagline, "Tap and Give".
"Utilising EML's transaction processing system in conjunction with ImpactPay's technology allows millennial users to have control over when and how much they donate to charity or a given cause, as well as where their donated money is spent," Cregan said.
With the launch of these additional programs, EML now manages 35 reloadable programs globally.
