Product category:
Smart cards
News Release from: Nomad
Edited by the Marketingservicestalk Editorial
Team on 05 March 2007
Nomad undergoes rapid expansion in
prepaid market
Europe's most established card processor made huge advances in the prepaid market in 2006 with 40 new programmes being introduced and nine additional customers going live on prepaid projects.
During 2006 MasterCard approved processor Nomad implemented open loop prepaid projects for companies such as IDT, Tuxedo Money Solutions and Affinity where it worked on such high-profile prepaid projects as Lastminute.com, Club 18-30 and the Ministry of Sound Nomad chief executive John Yeomans commented: "I believe that the fact that Nomad's prepaid customer base increased by 50% in 2006 is evidence of two things
This article was originally published on Marketingservicestalk on 2 Nov 2007 at 8.00am (UK)
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First, that the prepaid market is undoubtedly growing rapidly in Europe and secondly that those looking in the market are looking for partners with a clear track record in prepaid solutions.
Nomad's prepaid offering, where the company can act as a facilitator as well as a provider of robust, secure processing technology is a clear differentiator." A recent report from leading consultancy Mercator Advisory Group found that that total spending across all open network prepaid segments in 2005 was $14.1 billion, a $10 billion increase on 2004.
Plus, according to other research, the open prepaid market is set to grow at 32% per annum reaching a total in 2009 of over $43 billion.
The report said that financial institutions should pay close attention to the increasing adoption of merchant retail locations as a place where consumers acquire their open system prepaid cards, since it creates an important new channel.
Nomad's open loop prepaid technology is being used in many of the UK's major retail centres such as the Bullring in Birmingham and the Arndale in Manchester.
The speed to market Nomad provides and the flexibility of its solution has enabled the company to win these projects over other vendors.
Speaking about the success of 2006, Yeomans said: "Customers are asking, who will I use for my prepaid project? Our real life capability means that the answer increasingly is Nomad.".
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